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NEW YORK -- Profit-taking left stock prices narrowly mixed today, with bank and pharmaceutical stocks among the decliners and securities firms among the big gainers. The Dow Jones industrial average closed down 37.74 at 11,215.10. Dow sinks 37.7
Associated Press
The Nasdaq composite index gained 11.58 at 4,082.17. The Standard & Poor's 500 index slipped 4.25 at 1,509.84. The Russell 2000 index was up 3.15 at 529.63.
Decliners led advancers by a narrow margin, with 1,468 down, 1,327 up and 553 unchanged on the New York Stock Exchange, where volume came to 787.62 million shares, up from 727.23 million yesterday. The NYSE composite index slipped 1.82 to 673.44 and the American Stock Exchange composite index fell 1.49 to 933.48.
"We are seeing a bit of profit taking," said Alan Ackerman, senior vice president at Fahnestock & Co. "There's also a lack of volume, a lack of news, a lack of conviction and a lack of players."
Many traders were on vacation ahead of the Labor Day weekend.
The 30-year Treasury bond fell point, or $3.75 per $1,000 face amount as its yield rose 3 basis points to 5.75 percent, up 10 basis points from a 15-month low Thursday. The 10-year note fell 7/32 point to 99 18/32 as its yield rose 4 points to 5.81 percent. The 2-year note fell 2/32 point as its yield rose 3 basis points to 6.25 percent.
Profit-taking brought financial services stocks lower, including Citigroup and American Express.
Stocks, particularly those in financial services, have rallied in the past month as it became clear the Federal Reserve is done -- for now -- raising interest rates to cool down the economy and prevent inflation. Brokerage stocks rose, fed by speculation that Donaldson, Lufkin & Jenrette is in talks to be acquired by the brokerage unit of Credit Suisse Group. DLJ was up $16.44 to $82.25. Other brokerages that closed higher included Bear Sterns and Lehman Brothers.