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Dow falls 56;
Nasdaq hits record

Associated Press

NEW YORK -- The Nasdaq composite index soared to another record close today while blue-chip stocks again lagged behind, pulled down by worries that their earnings aren't growing fast enough to offset rising interest rates. The Nasdaq rose 122.39, or 2.80 percent, to close at 4,485.63. It was the fourth closing high in five sessions, topping Tuesday's record of 4,427.50. The Dow Jones industrial average fell 55.53 to 10,643.63, while the Standard & Poor's 500 rose 5.13 to 1,416.83.

Decliners beat advancers by a 7-to-5 margin on the New York Stock Exchange, with 1,797 down, 1,228 up and 472 unchanged. NYSE volume totaled 1.05 billion shares vs. 1.045 billion yesterday.

The NYSE composite index slipped 2.55 to 614.43; the American Stock Exchange composite rose 12.71 to 892.99; and the Russell 2000 index rose 6.21 to 542.21.

The 30-year Treasury bond fell 1 points, or $15 per $1,000 face amount; its yield up 11 basis points to 6.44 percent. After hitting a 2-year high of 6.75 percent on Jan. 20, yields fell to as low as 6.06 percent in intraday trading a week ago as the government's plan to buy back longer-term debt and reduce issuance sparked a flurry of buying. But bond prices plunged today after the Treasury's sale of $10 billion of 30-year Treasuries met with the worst demand in at least 17 years. On Wall Street, the tech shares that dominate the Nasdaq rose as investors determined that their earnings growth puts them in the best position to thrive even if interest rates move higher later this year.