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Dow down 35
Associated PressNEW YORK - A surge in technology stocks couldn't prevent a modest selloff among large old-line stocks today as the Dow industrials was unable to build on two days of stunning gains. The Dow Jones industrial average pulled back from an earlier surge and fell into negative territory in late trading, closing down 35.37 to 10,595.23. But it still ended the week with a gain of 666.41 points, a 6.7 percent surge. Broader stock indicators were higher. The Nasdaq composite closed up 80.74 at 4,798.13; the Standard & Poor's 500 index was up 6.00 at 1,464.47.
Decliners led advancers by a 8-to-7 margin on the New York Stock Exchange, with 1,575 down, 1,407 up and 482 unchanged. NYSE volume totaled 1.3 billion shares vs. a record 1.48 billion yesterday. The NYSE composite fell 1.46 to 632.98; the Russell 2000 index rose 0.53 to 574.77; and the American Stock Exchange composite slipped 6.65 to 1,011.00.
The price of the Treasury's 30-year bond was up point, or $5 per $1,000 in face value; its yield fell to 6.01 percent from 6.04 percent yesterday.
Stock market analysts said mild profit-taking in the wake of yesterday's record-setting 499.19-point gain sent the benchmark Dow index down late in the day. The Dow's bold advance during the previous two days, which included a 320-point surge Wednesday, was a stunning reversal of fortunes. In those two days, the Dow stocks wiped out more than 40 percent of their losses over the last two months. "We saw some profit-taking in some selective areas, specifically the drug sector. But it wasn't a wholesale selloff," said trader Paul McEnroe.