NEW YORK -- Stocks fell today as good economic news for Japan increased Wall Street's fears that the unfettered growth of the U.S. economy will prompt the Federal Reserve to raise interest rates. Dow off 69.02
At the close of trading, the Dow Jones industrial average was down 69.02 at 10,621.27. The blue-chip index, off as much as 164 points earlier in the session, began marching back in the last hour of trading.
Broader stock indicators were also lower. The Standard & Poor's 500 index fell 15.82 to 1,302.82, and the Nasdaq composite index, dominated by technology stocks, fell 34.73 to 2,484.62.
Decliners outnumbered advancers by a 2-to-1 margin on the New York Stock Exchange, with 1,933 down, 1,005 up and 582 unchanged.
NYSE volume totaled 703.06 million shares vs. 651.03 million yesterday.
The NYSE composite index fell 6.43 to 622.85, and the American Stock Exchange composite index fell 4.74 to 768.25.
The Russell 2000 index of smaller companies fell 2.92 to 442.27.
The 30-year bond, which dropped for a third day, fell 3/8, or $3.75 per $1,000 security, to 89 1/32. Its yield rose 3 basis points to 6.05 percent - the highest level since April 29, 1998 - and left investors with a loss of 10.6 percent so far this year.
Pfizer Inc.fell for a second straight day, giving up $5 to $99.94. The U.S. Food and Drug Administration yesterday restricted the use of Pfizer's antibiotic Trovan.
Traders remain focused on tomorrow's release of the producer price index. That report is expected to offer the latest hint of whether inflationary pressures have crept into the U.S. economy.