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NEW YORK -- Technology and pharmaceutical stocks fell today amid earnings warnings from analysts, while the broader market drifted throughout a lackluster session. The Dow Jones industrial average closed up 21.83 at 11,260.61. The Nasdaq composite index, heavy in tech issues, fell 91.15, or 2 percent, to 4,143.18. The Standard & Poor's 500 index slipped 13.69 to 1,507.08. Dow up 21.8
Associated Press
Advancers were almost even with decliners, with 1,417 up, 1,446 down and 497 unchanged on the New York Stock Exchange, where volume came to 840.76 million shares, up from 766.46 million Friday. The NYSE composite index fell 1.38 to 676.20; the American Stock Exchange index rose 2.20 to 957.98; and the Russell 2000 index fell 2.89 to 539.02.
The 10-year Treasury note's price fell 2/32 point, or 63 cents per $1,000 face amount, in late trading as its yield rose 1 basis point to 5.69 percent. The 30-year bond fell 2/32 point, while its yield rose to 5.67 percent from 5.66 percent Friday.
Intel fell $4.69 to $69.25 after a U.S. Bancorp Piper Jaffray analyst downgraded the computer chip maker's stock to "buy" from "strong buy." Ashok Kumar said he was concerned that continued weakness in demand could result in unit growth "well below consensus expectations." He was also concerned about the potential for oversupply. Shares in computer makers, including Gateway and Dell, also fell. Pharmaceutical stocks fell slightly after Banc of America Securities downgraded Merck to "market perform" from "strong buy" and, at the same time, reduced estimates for the overall sector.