Dow up 7.5;Associated Press
Nasdaq falls 106
NEW YORK -- Stocks meandered to a mixed finish today as investors failed to find direction in a market facing rising interest rates and a dearth of significant economic news. "The market is just marking time," said Alan Ackerman, senior vice president at Fahnestock & Co. in New York.
The Dow Jones industrial average rose 7.54 to close at 10,777.28. The Nasdaq composite index fell 106.25, or 2.9 percent, to 3,538.71. The Standard & Poor's 500 fell 10.59 to 1,437.21.
Decliners beat advancers by a 5-to-4 margin on the New York Stock Exchange, with 1,598 down, 1,277 up and 492 unchanged. NYSE volume totaled 808.68 million shares vs. 824.64 million yesterday. The NYSE composite slipped 1.39 to 649.59; the American Stock Exchange composite index fell 6.57 to 928.52 and the Russell 2000 index fell 8.71 to 490.95. The price of the Treasury's 30-year bond fell 19/32 point, or $5.94 per $1,000 in face value; its yield rose to 6.23 percent percent from 6.21 percent yesterday.
The Nasdaq's largest tech stocks led the index lower. Cisco Systems, Oracle and Microsoft all fell. Analysts said that while investors have not truly turned against tech stocks, there is little interest in buying into the volatile sector while interest rates are rising. Lycos rose after the company reported better-than-expected results for its fiscal third quarter late yesterday. Analysts said investors were pleased with the earnings report, but remain wary due to concerns about the proposed takeover of Lycos by Terra Networks SA.