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Dow falls 4.97
Associated PressNEW YORK -- Stocks fell in another volatile session on Wall Street today as investors looked ahead to next week's Federal Reserve meeting and anticipated that an interest rate increase will be the first of several this year.
The Dow Jones industrial average fell 4.97 points to close at 11,028.02. The modest finish, the second in two days, belied a wild session in which the Dow rose as much as 130 points and tumbled as much as 116.
The Standard & Poor's 500 fell 5.53 to 1,398.56, and the Nasdaq composite index fell 30.35 to 4,039.56. Decliners outnumbered advancers by a 10-to-9 margin on the New York Stock Exchange, with 1,555 down, 1,481 up and 484 unchanged. NYSE volume totaled 1.119 billion shares vs. 1.110 billion yesterday. The NYSE composite index fell 1.67 to 626.76, the American Stock Exchange composite index tumbled 29.41 to 882.80 and the Russell 2000 index fell 4.02 to 517.02.
Five-year yields rose 7 basis points to 6.65 percent while 10-year note yields rose 3 basis points to 6.69 percent. Both yield more than the benchmark 30-year bond, whose rate fell 4 basis points to 6.53 percent, a four-week low. Two-year yields rose 6 basis points to 6.50 percent, reducing the gap with the 30-year yield to the smallest level since 1990. Analysts could find no single catalyst for the sell-off that put the brakes on the market's latest attempt to rebuild from steep losses in recent session. The Dow has fallen more than 6 percent from its Jan. 14 closing high of 11,722.98 and the Nasdaq has sliced 5 percent from its closing high of 4,235.40 set on Friday.