NEW YORK - Stocks fell today as strong profit reports from banks and brokerages failed to impress investors who have driven the market to record highs in recent weeks. The Dow Jones industrial average lost 22.16 points to close at 11,187.68. Dow slips 22
The S&P 500 fell 11.13 to 1,407.65 and the Nasdaq composite, which is heavily weighted in technology stocks, dropped 34.19 to 2,830.29.
Decliners beat advancers by a 13-to-9 margin on the New York Stock Exchange, with 1,728 down, 1,178 up and 603 unchanged. NYSE volume totaled 645.26 million shares, down from 716.41 million Friday. The NYSE composite index fell 4.55 to 658.57; the American Stock Exchange composite dropped 0.44 to 817.66; the Russell 2000 index fell 3.89 to 461.37.
The price of the Treasury's main 30-year bond was down 4/32 point, or $1.25 per $1,000 in face value while its yield rose to 5.90 percent from 5.88 percent late Friday.
After the stock market closed today, Microsoft Corp. and IBM Corp. posted their quarterly reports. Microsoft said fiscal fourth-quarter profit jumped 62 percent, beating estimates, on strong sales of its Office 2000 group of business software. Earnings for the period ended June 30 climbed to $2.20 billion, or 40 cents a share, from $1.36 billion, or 25 cents a share, a year earlier. The average analyst estimate was 36 cents a share.
IMB, meanwhile, said second-quarter profit rose 17 percent on revenue from its services business and a surge in computer sales. Profit from operations rose to $1.69 billion, or 91 cents a share, from $1.45 billion, or 75 cents, in the year-earlier period. IBM was expected to earn 88 cents.