NEW YORK -- Profit-taking -- not an earnings warning from Dell Computer -- sent stocks modestly lower today. Analysts said Wall Street, which enjoyed healthy gains in the high-tech sector last week, was due for a pullback.
Dow off 9.35
"We've had a pretty fabulous run since the Fed initially lowered rates on Jan. 2. Stock prices have done well," said Steven Goldman, market strategist at Weeden & Co. "There was some bad news today, but investors appear to be looking ahead, instead of focusing on the rear-view mirror and bad earnings news for this last quarter."
The Dow Jones industrial average closed down 9.35 at 10,578.24. The Nasdaq composite index slipped 12.47 to 2,757.91, while the Standard & Poor's 500 index rose 0.35 to 1,342.90.
Advancers led decliners a 4-to-3 margin on the New York Stock Exchange, with 1,608 up, 1,238 down and 440 unchanged. Volume came to 877.97 million shares, vs. 1.13 billion Friday.
The NYSE composite index rose 1.62 to 648.19; the American Stock Exchange composite index gained 1.14; and the Russell 2000 index was up 2.06 at 490.15.
The 10-year Treasury note's price was down 14/32 point, or $4.38 per $1,000 in face value; its yield rose to 5.22 percent from 5.16 percent late Friday. The 30-year bonds were down 24/32 point and yielded 5.60 percent, up from 5.55 percent late Friday.
Dell, which fell 13 cents to $25.50, is the latest high-profile technology company to lower its earnings forecast because of the slowing economy and slumping consumer confidence.