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NEW YORK -- Stocks were mostly lower today as investors viewed some new signs of slower economic growth with skepticism, refusing to believe that the Federal Reserve is nearing the end of its long run of interest-rate increases. Dow slips 4.8
The Nasdaq composite index fell 58.57 to close at 3,400.91, failing to extend yesterday's 254.37-point gain. The Dow Jones industrial average slipped 4.80 to 10,522.33. Broader stock indicators, which had joined the Nasdaq in yesterday's rally, also were mixed. The Standard & Poor's 500 fell 1.85 to 1,420.60.
Advancers beat decliners by a 4-to-3 margin on the New York Stock Exchange, with 1,720 up, 1,267 down and 438 unchanged. NYSE volume totaled 955.78 million shares vs. 839.15 million yesterday. The NYSE composite index rose 2.22 to 643.60; the American Stock Exchange composite gained 7.12 to 904.97; and the Russell 2000 slipped 0.52 to 476.18.
The Treasury's 10-year note rose 15/32 point, or $4.69 per $1000 face amount; its yield fell 6 basis points to 6.31 percent. The 30-year bond gained 1 6/32 point, or 11.87 per $1,000 value, as its yield fell 9 basis points to 6.00 percent. The five-year note yield dropped 6 basis points to 6.55 percent while the two-year yield fell 4 basis points to 6.69 percent.
Stock market analysts said interest rate worries prevented the market from building decisively on yesterday's gains. "I think we're going to see these periodic rallies, but I don't think they'll be sustainable because of the nervousness that's lingering over monetary policy," said Ned Riley, chief investment strategist at State Street Global Advisors.