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NEW YORK -- Blue chips surged today while technology issues slipped as investors again gravitated away from stocks they viewed as too risky. Dow gains 245;
Nasdaq falls 87Associated Press
At noon on Wall Street, the Dow Jones industrial average was up 168.55 at 10,759.17, extending its gains from last week. Broader stock indicators were mixed. The Standard & Poor's 500 index rose 8.72 to 1,388.30. The tech-focused Nasdaq composite was down 70.70 at 3,207.66, after a brief move into positive territory. The Russell 2000 index was off 0.23 at 479.62. Advancers led decliners by a 5-to-4 ratio on the New York Stock Exchange, where volume came to 351.76 million shares vs. Friday's pace of 327.72 million.
The 10-year Treasury note's price was down point, or $1.25 per $1,000 in face value, at Monday; its yield rose to 5.72 percent from 5.71 percent late Friday. Prices and yields move in opposite directions. The 30-year bonds rose 1/32 point and yielded 5.74 percent, unchanged from Friday.
In a repeat of what has been the pattern all month, concern about the long-term profitability of technology stocks drove many investors today to unload those shares in favor of blue chips. The Nasdaq fell last week while the Dow rose more than 360 points.
Cisco Systems fell $2.19 to $48.50 after Lehman Brothers cut the stock's 12-month price target between $60 and $65 instead of $90. Online retailer Amazon.com was off $2.75 at $32.88. Intel slipped $1.31 to $45.06.
No single stock drove today's Dow's advance, with gains across the board. Investors seem to be putting their money in old-economy stocks.