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Dow up 25.77;
Associated Press
Nasdaq off 147NEW YORK -- Stocks drifted to a mixed finish in the quietest session of the year today as investors worried about interest rates and took profits from a modest rally on Friday. Technology stocks fell.
The Nasdaq composite index fell 147.44, or nearly 3.9 percent, to close at 3,669.38, but the Dow Jones industrial average rose 25.77 at 10,603.63. The Standard & Poor's 500 fell 8.46 to 1,424.17.
Decliners beat advancers by an 11-to-7 margin on the New York Stock Exchange, with 1,711 down, 1,223 up and 462 unchanged. NYSE volume totaled 783.32 million shares vs. 803.41 million Friday. The NYSE composite gained 1.97 to 640.30; the American Stock Exchange composite index fell 2.59 to 926.10; and the Russell 2000 index of smaller companies fell 12.76, or 2.5 percent, to 500.08.
The yield on the 10-year Treasury note climbed 6 basis points to 6.56 percent as its price fell 13/32 point, or $4.06 per $1,000 face amount. The 30-year bond's yield rose 6 basis points to 6.25 percent as its price dropped 25/32, or $7.81 per $1,000 value.
Stock traders said the most significant action in the market came from investors selling stocks to capture short-term gains from a solid rally on Friday, when the Dow rose 165 points and the Nasdaq rose 96. Tech stocks, which led Friday's gains, were mostly lower today. Hewlett-Packard and Intel fell, as did Sun Microsystems and PMC-Sierra. Cisco Systems dropped after an article in Barron's said the company's growth rate could slow if Cisco stops acquiring companies at a rapid rate.