NEW YORK - Blue-chip stocks pulled back today, but technology shares rallied for a fifth straight session, pushing the Nasdaq market back toward record terrain. Dow off 39.58
The Dow Jones industrial average finished 39.58 lower at 10,815.98 after recovering from a nearly 100-point slide. The Dow, which rose 365 points last week, sits about 200 points below the May 3 closing record of 11,014.69.
Broader stock indicators were mostly positive.
The Standard & Poor's 500 rose 6.16 to 1,349.00, and the technology-
dominated Nasdaq composite index rose 66.84, or 2.61 percent, to 2,630.28. The Nasdaq is now about 21 points from its all-time best close of 2,652.05 set on April 26.
Technology stocks have been hit hard in recent weeks amid fears the Federal Reserve will raise interest rates to slow the economy and contain inflation. But with investors now expecting the Fed to implement only a small increase, the discounted prices in the technology group are looking more attractive.
Advancers outnumbered decliners by a small margin on the New York Stock Exchange, with 1,584 up, 1,398 down and 549 unchanged. Nasdaq advancers led by a wider margin.NYSE volume totaled an anemic 678.01 million shares, down sharply from Friday's tally 904.33 million.
The NYSE composite index rose 0.39 to 636.94 and the American Stock Exchange composite index fell 2.82 to 765.75.
The Russell 2000 index of smaller companies rose 4.39 to 449.44.
The 30-year Treasury bond fell 5/8, or $6.25 per $1,000 in face value, to a price of 89 11/32, pushing its yield up 5 basis points to 6.02 percent.