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Dow off 58;
Associated Press
Nasdaq hits recordNEW YORK - The Dow Jones industrial average fell, led by General Electric Co. and Honeywell International Inc., as investors unloaded shares of financial and industrial companies most affected by rising interest rates.
The Nasdaq composite index, meanwhile, climbed for a sixth day, extending Friday's record, as Cisco Systems and Oracle gained on optimism their profit is likely to grow even if the economy slows.
"People are assuming that if the economy slows, the only place they will get sustained growth" is in computer-related shares, said David Mead, analyst for Harris Bank in Chicago.
The Dow average slipped 58.01 to close 10,905.79. The Standard & Poor's 500 index fell 0.15 to 1,424.22. The Nasdaq rose 77.63, or 1.8 percent, to 4,321.77.
Through 25 days of trading so far in 2000, the Nasdaq has risen 16 times and fallen nine, for a net gain of 6.2 percent.
The Dow average has dropped 13 days and risen 12, for a 5.14 percent loss.
Decliners beat advancers by a 7-to-5 margin on the New York Stock Exchange, with 1,777 down, 1,234 up and 487 unchanged. NYSE volume totaled 917.68 million shares vs. 1.036 billion Friday. The NYSE composite slipped 3.06 to 623.84; the American Stock Exchange composite index rose 1.11 to 884.08; and the Russell 2000 index rose 6.87 to 532.39.
The price of the Treasury's main 30-year bond was down 30/32 point, or $9.37 per $1,000 in face value; its yield rose to 6.34 percent from 6.27 percent late Friday.