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NEW YORK -- Stocks were down slightly today in another session of lackluster trading as investors preferred to wait on the sidelines until the next Federal Reserve meeting on Tuesday. The Dow Jones industrial average fell 9.16 to close at 11,046.48. The Nasdaq composite index dropped 10.53 at 3,930.34 and the Standard & Poor's 500 index fell 4.35 to 1,491.72. Dow off 9.16
Associated Press
Decliners beat advancers ones by a 4-to-3 margin with 1,603 down, 1,170 up and 552 unchanged on the New York Stock Exchange, where volume came to 817.55 million shares, well below yesterday's 907.98 million. The NYSE composite slipped 2.24 to 668.95; the American Stock Exchange index rose 2.94 to 917.49; and the Russell 2000 index fell 0.95 points at 515.49. The 10-year Treasury note rose 9/32 point, or $2.81 per $1,000 face amount; its yield fell 4 basis points to 5.77 percent. The 30-year bond rose 14/32 point as its yield fell 3 basis points to 5.68 percent.
Stock trading has been light this week as most companies are done with second-quarter earnings reports and investors await policy-makers' Tuesday meeting on interest rates. Most traders expect the Fed to leave rates alone, believing the Fed's six rate increases since last summer have sufficiently slowed the economy.
General Motors shares rose $3 to $68.44 amid reports that financier Carl Icahn intends to buy more than $15 million of the firm's stock. Tech bellwethers continued rising. Intel was up 50 cents at $70.56 and Sun Microsystems, which declared a 2-for-1 stock split yesterday, rose $2.94 to $122.38.