NEW YORK - The Nasdaq composite index soared to a new record today as investors snapped up shares of Internet companies and software makers. Dow off 51;
Associated Press
Nasdaq at recordThe swing toward technology stocks came at the expense of industrial stocks, which finished mostly lower.
The Dow Jones industrial average fell 50.97 to close at 11,028.43. The blue-chip index had backed off from a gain of 62 points.
The Nasdaq composite index was up 35.01 at 2,887.03, moving past its closing record of 2,864.48, set July 16. The Standard & Poor's 500 rose 3.99 to 1,351.65.
The Nasdaq's strength came from hefty gains by online auction house eBay Inc. and Internet search provider Yahoo! Inc. A wide range of technology stocks rose today, including Microsoft Corp. and Cisco Systems Inc.
"Technology is back," said Arthur Hogan, chief market analyst at Jefferies & Co. "This is a group that had been battered in recent weeks, and it's nice to see money coming back into the group."
Advancers beat decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,580 up, 1,316 down and 600 unchanged. NYSE volume totaled 805.96 million shares vs. 720.22 million yesterday. The NYSE rose 0.91 to 622.90; the American Stock Exchange composite index gained 1.92 to 805.95; and the Russell 2000 index of smaller companies rose 3.42 to 441.19.
The U.S. Treasury's main 30-year bonds rose 27/32 point, or $8.44 per $1,000 bond; its yield fell 6 basis points to 6.03 percent, the lowest in two weeks.