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NEW YORK -- The Dow Jones industrials surged to their best close in three weeks today as investors nervous about the economy added to their holdings of food, energy and other stocks perceived as low-risk. Dow up 128.65
Associated Press
Technology issues fell, reflecting persistent doubts about when the sector's earnings will improve.
The Dow rose 128.65 to 10,858.25, putting it up 0.66 percent for the year.
The Nasdaq composite index slid 55.10 to 2,168.82, while the Standard & Poor's 500 index rose 2.87 to 1,264.76.
Advancers led decliners on the New York Stock Exchange with 1,669 up, 1,402 down and 205 unchanged at the close. Volume was 1.12 billion shares, unchaged from yesterday. The NYSE composite index gained 3.54 to 639.25. The American Stock Exchange gained 2.31 to 933.24 and the Russell 2000 index slipped 3.35 to 481.49. The Treasury's 10-year note was unchanged at 100 25/32 with a yield of 4.89 percent. The 30-year bond rose 2/32 to 101 1/32; its yield fell 1 basis point to 5.31 percent.
Analysts blamed today's Nasdaq downturn on the absence of any good news and yesterday's announcement by Yahoo!, which said after the market closed that CEO Tim Koogle was stepping down and that its earnings and revenues would fall short of analysts' expectations.
Trading was weak overseas. Japan's Nikkei stock average lost 0.6 percent, while Germany's DAX index fell 0.6 percent. Britain's FT-SE 100 was virtually unchanged, and France's CAC-40 was down 0.8 percent.