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Dow falls 24.68
Associated PressNEW YORK -- Stocks ended a quiet, fitful session with narrow losses today as investors, unconsoled by new signs of a slowing economy, focused instead on the prospect of higher interest rates.
Every market average bobbed between gains and losses as investors proved reluctant to take on any significant new positions in advance of the three-day weekend for Memorial Day.
The Dow Jones industrial average fell 24.68 to 10,299.24. The Nasdaq composite index slipped 0.24 to 3,205.11. The Standard & Poor's 500 fell 3.50 to 1,378.02.
Advancers beat decliners by a 10-to-9 margin on the New York Stock Exchange, with 1,493 up, 1,351 down and 497 unchanged. NYSE volume totaled 725.08 million shares vs. 976.23 million yesterday. The NYSE composite index slipped 0.91 to 628.29; the American Stock Exchange composite fell 2.08 to 881.41; and the Russell 2000 index 1.20 to 454.37.
The 30-year Treasury bond rose 21/32 point, or $6.56 per $1,000 face amount; its yield fell 5 basis points to 6.06 percent, the lowest since May 2. The 10-year note rose 14/32 point, driving its yield down 6 basis points to 6.33 percent. The 2-year note rose 1/32 point, as its yield fell 2 points to 6.68 percent.
Tech stocks made several attempts to rally, but weakness in some industry leaders undermined the sector. Qualcomm and Dell dropped. Financial stocks fell for a second straight day, following a report from a Merrill Lynch analyst that Goldman Sachs is likely to miss second-quarter earnings estimates. Goldman fell, dragging down rivals including Merrill Lynch and Morgan Stanley Dean Witter.