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NEW YORK -- Technology issues fell again today, pulling the market lower after the Federal Reserve declined to increase interest rates but indicated it remains concerned about inflation. Dow up 19.61;
Nasdaq falls 113Associated Press
The central bank's decision to hold rates steady did little to reassure investors that the third-quarter earnings due out this month would not disappoint. Instead, its references to the tight labor market and higher energy costs as potential inflationary pressures appeared to revive market concerns of poor corporate performance.
The Dow Jones industrial average closed up 19.61 at 10,719.74 after rising more than 140 points earlier in the day.
The Nasdaq composite index fell 113.07, or 3.17 percent, to 3,455.83, after having risen about 60 points at the opening. The Standard & Poor's 500 index fell 9.77 to 1,426.46. Decliners outnumbered advancers by a narrow margin on the New York Stock Exchange, with 1, 525 down, 1,356 up and 474 unchanged. Volume was 1.10 billion shares vs. 1.03 billion yesterday. The NYSE composite index fell 1.75 to 664.62, the American Stock Exchange composite index lost 5.53 to 937.46 and the Russell 2000 index was off 4.54 at 507.13. The Treasury's 10-year note fell 11/32 to 99; its yield rose 5 basis points to 5.87 percent. The 30-year bond fell to 104 9/32; its yield rose 2 basis points to 5.94 percent. Tech issues gained earlier in the day on bullish comments by Goldman Sachs analyst Abby Joseph Cohen.