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NEW YORK -- Stocks closed mostly lower today, ending the market's brief respite from a month-long selloff. Investors, unnerved by yet another earnings warning from a high-tech firm, once again unloaded any stock perceived as too risky. Dow falls 59.56
Associated Press
Old-economy companies appeared to fare better as investors looked for a safe haven, but the market, continuing a recent pattern, couldn't hold on to its gains.
The Dow Jones industrial average closed off 59.56 at 10,724.92.
The Nasdaq composite index fell 51.00 to 3,472.10, erasing much of a 67-point gain yesterday that broke a three-session losing streak. The Standard & Poor's 500 index rose 1.96 to 1,436.28.
Decliners outnumbered advancers by a 6-to-5 ratio on the New York Stock Exchange, with 1,549 down, 1,261 up and 496 unchanged. Volume was 1.18 billion shares vs. 1.17 billion yesterday.
The NYSE composite index gained 2.73 to 667.87, the American Stock Exchange composite index lost 4.46 to 929.93 and the Russell 2000 index was down 4.82 to 502.67. The Treasury's 10-year note rose to a price of 99; its yield fell 4 basis points to 5.85 percent. The 30-year bond rose 20/32 to 104 31/32; its yield fell 4 basis points to 5.90 percent.
The catalyst for this latest drop was Dell Computer, which issued its outlook after the close of trading yesterday. Dell, already trading at a 52-week low before the announcement, fell $3 today to $25.19. Investors also punished Intel, which slipped $1 to $41 and IBM, off $1.19 at $113.19.
A handful of blue-chip stocks were higher, however. Procter & Gamble rose up $2.88 at $73.