Stocks mixed
Associated PressNEW YORK -- Stocks were mixed today as investors took profits from yesterday's rally in Internet stocks but pushed blue chips deeper into record territory. In midday trading on Wall Street, the Dow Jones industrial average was up 30.09 at 11,602.29, after reaching a new closing high of 11,572.20 yesterday.
Broader stock indicators were modestly lower. The Standard & Poor's 500 index was down 5.17 at 1,452.43, and the Nasdaq composite index was down 13.28 at 4,036.39. The Russell 2000 index of smaller companies slipped 2.70 to 499.19. Declining issues outnumbered advancers by an 8-to-5 margin on the New York Stock Exchange, where volume came to 474.79 million shares, behind yesterday's midday pace.
The price of the Treasury's main 30-year bond was down 15/16 point, or $9.37 per $1,000 in face value, at midday; its yield rose to 6.66 percent from 6.58 percent yesterday. Prices and yields move in opposite directions.
Internet companies, which buoyed the market yesterday in response to America Online's deal to buy Time Warner, were mostly lower today as investors sold some shares to capture profits. Yahoo!, scheduled to report earnings after the close of trading today, fell $19.31 to $416.75. The Internet service provider was among the market's strongest performers in 1999, and traders said the company will have to turn in an especially strong profit report. But the broader market showed signs of strength. Intel rose $5.50 to $91.25, buoying the Dow and the Nasdaq after Credit Suisse First Boston raised its rating on the stock.