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Dow dives 154
Associated PressNEW YORK -- Blue-chip stocks fell for a third straight session today as investors worried about rising interest rates, but technology shares continued their recovery and drove the Nasdaq composite index higher.
The Dow Jones industrial average fell 154.19 points, or 1.4 percent, to close at 10,733.91. The blue-chip index ended the week down 110.14 points, or 1 percent.
The Nasdaq composite rose 86.63, or 2.3 percent, to close at 3,860.66. The index, which fell steeply earlier this month, ended the week with a gain of 216.81 points, or 5.9 percent.
The Standard & Poor's 500 fell 12.49 to 1,452.43.
Advancers beat decliners by a 7-to-5 margin on the New York Stock Exchange, with 1,742 up, 1,184 down and 483 unchanged. NYSE volume totaled 974.99 million shares vs. 1.11 billion yesterday.
The NYSE composite index fell 6.29 to 644.16; the American Stock Exchange composite index gained 20.36, or 2.3 percent, to 922.45; and the Russell 2000 index rose 11.67, or 2.4 percent, to 506.25.
The Treasury's 30-year bond price rose 6/32, or $1.87 per $1,000 face amount; its yield fell to 5.96 percent from 5.98 percent late yesterday. The two-year note yield, which tends to rise most when the Fed raises rates, climbed 8 basis points to 6.68 percent.
The surge in technology stocks was led by a rally in semiconductor shares. Intel rose a day after company executives detailed plans to begin selling an Intel-branded machine for online access later this year. Applied Materials, a maker of equipment used in the semiconductor industry, rose and PMC-Sierra jumped.