NEW YORK -- Technology stocks rallied but failed to lift the broader market today as the threat of higher interest rates kept investors on edge and alert to changes in bond-market yields. Dow off 75.35
The Dow Jones industrial average was down 75.35 at 10,690.29 after falling 143.74 yesterday.
Broader stock indicators were mixed. The Nasdaq composite index outstripped other indexes as several technology leaders advanced on strong sales outlooks.
The Standard & Poor's 500 index rose 1.31 to 1,318.64, and the Nasdaq rose 44.79 to 2,519.35.
Decliners outnumbered advancers by a 9-to-8 margin on the New York Stock Exchange, with 1,527 down, 1,376 up and 606 unchanged.
NYSE volume totaled a light 651.03 million shares vs. 680.63 million yesterday. The NYSE composite index fell 1.49 to 629.28, and the American Stock Exchange composite index rose 0.07 to 772.99.
The Russell 2000 index of smaller companies rose 1.43 to 445.19.
The 30-year bond rose above 6 percent to a 13-month high as investors soured on Treasuries ahead of upcoming inflation reports that may boost the chances of a Federal Reserve interest-rate increase.
The benchmark bond fell 7/32, or $2.19 per $1,000 security, to 89 15/32. Its yield rose 2 basis points to 6.01 percent, the highest since April 29, 1998.
Thirty-year bond yields have climbed almost a full percentage point this year, bringing year-to-
date losses to 10.2 percent, including price changes and interest.
Shares of technology bellwethers were mostly higher today after the Semiconductor Industry Association said 1999 sales are expected to grow faster than anticipated.