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Dow falls 131;
Associated Press
Nasdaq up 20NEW YORK -- Technology stocks suffered another bout of volatility today, giving up a major advance to finish with slender gains and proving that the nervousness that sent Wall Street into a tailspin yesterday lingers.
Investors were torn between hunting for bargains and waiting for the dust to settle after yesterday's head-spinning session. Ultimately, only the largest, best-known technology names held their gains. Profit-taking continued in both the technology sector and the blue-chip Dow Jones industrial average, which fell 130.92 to close at 11,033.92 after giving up an early gain.
"It's not nearly as (dramatic) as yesterday, but this is still a wild market," said Larry Lawler, manager of equity trading at Dreyfus Corp. in New York.
The Nasdaq composite index rose 20.33 to 4,169.22. During the regular trading day, the index had fallen as much as 139.80 and had risen as much as 133.40. The Standard & Poor's 500 fell 7.36 to 1,487.37. Advancers beat decliners by a 9-to-7 margin on the New York Stock Exchange, with 1,694 up, 1,328 down and 445 unchanged. NYSE volume totaled 1.12 billion shares vs. 1.50 billion yesterday. The NYSE composite index slipped 1.17 to 650.53; the American Stock Exchange composite index rose 14.19 to 956.71 and the Russell 2000 index gained 11.92 to end at 518.02.
The price of the Treasury's 30-year bond was up 3/32 point, or 94 cents per $1,000 in face value; its yield rose to 5.78 percent from 5.77 percent yesterday.