NEW YORK -- Investors who drove blue-chip stocks to record highs this week paused to take profits today, knocking the Dow Jones industrial average down more than 120 points. Technology stocks continued their streak, outperforming the rest of the market. Dow off 127.59
The Dow fell 127.59 to close at 11,198.45.
Broader stock indicators were also lower. The Standard & Poor's 500 fell 19.78 to 1,362.01, and the Nasdaq composite index fell 30.98 to 2,774.11.
Decliners beat advancers by a 3-to-2 margin on the New York Stock Exchange, with 1,778 down, 1,171 up and 553 unchanged. NYSE volume totaled 716.98 million shares vs. 850.05 million yesterday. The NYSE composite index slipped 7.62 to 632.34; the American Stock Exchange index lost fell 1.76 to 784.12. The Russell 2000 index of smaller companies fell 1.84 to 436.02.
"We've had a big run from some big names," said Charles White, portfolio manager at Avatar Associates. "Some of the stocks that have run the farthest are correcting the most today."
Consumer goods stocks that posted strong gains in recent sessions fell back as investors collected their gains.
Oil stocks contributed most heavily to the weakness in the Dow and the Standard & Poor's 500. Oil prices tumbled yesterday after inventory figures showed unexpectedly weak gasoline consumption as the peak season winds down.
In Treasury bond trading, the 30-year bond fell 22/32, or $5.63 per $1,000 face amount. Its yield rose 5 basis points to 5.90 percent. Yields on two-year notes rose 11 basis points to 5.58 percent - the biggest one-day increase since Aug. 9.