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Dow drops 25;
Nasdaq off 82

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Associated Press

NEW YORK -- Investor concerns about technology stocks pushed markets lower today for a second straight session, despite a surge in some energy and financial services stocks. After fluctuating throughout the day, the Dow Jones industrial average closed down 25.16 at 11,195.49. The Nasdaq composite index fell 82.06, or 2 percent, to 3,896.35, and the Standard & Poor's 500 index dropped 6.65 to 1,487.85.

Advancers beat decliners with 1,522 up, 1,295 down and 531 unchanged on the New York Stock Exchange. Volume totaled 905.03 million shares, vs. 965.82 million Friday. The NYSE composite index rose 1.51 to 677.24; the American Stock Exchange index gained 1.58 to 969.50; but the Russell 2000 index fell 2.08 at 533.62. The 30-year Treasury bond's price fell 12/32 point, or $3.75 in $1,000 value, as its yield rose to 5.73 percent, from 5.70 percent Friday.

Oil prices surged today despite OPEC's announcement that it will would add 800,000 barrels to its daily production target of 25.4 million barrels.

Energy stocks also gained after analysts expressed concern that the boost would not be enough to lower fuel prices. Schlumberger, Halliburton, and Baker Hughes all rose.

In other energy news, Phillips Petroleum shares rose $1.50 to $63.44 on speculation it was in merger talks with Chevron, whose shares rose $2.63 at $89.31.

Shares of IBM fell $4.97 at $124.63, after a Goldman Sachs' analyst lowered her revenue and earnings forecasts.