NEW YORK >> Investors gravitated toward technology stocks again today, sending the Nasdaq composite index higher -- albeit modestly -- for a sixth straight session, its longest winning streak since February 2000. Nasdaq up for
6th day in a rowBy Lisa Singhania
Associated PressBlue chips faltered, however, on a mix of company-specific news and profit-taking and an expected pullback from the big advance that sent the Dow Jones industrials up 464.95, or 4.3 percent, over the previous four sessions.
"I think the investment public is really falling back in love with technology and telecom and it's been a long, long time since that's been the case," said Arthur Hogan, chief market analyst at Jefferies & Co. "It's not surprising though. If this economy is going to turn around -- and it's showing signs that it is -- the companies that are going to do the best, the fastest are going to be in the technology sector. It's a market leader."
The Nasdaq closed up 8.26 at 2,313.85, a nearly 0.4 percent gain, for a total advance of 231.93, or 11.1 percent since last Tuesday. The index's last six-day advance ended on Feb. 8, 2000.
The Dow fell 80.68 or 0.7 percent to 11,257.24, giving back the gains yesterday that sent it to its highest close since Jan. 20, 2000, when it reached 11,351.30.
The broader Standard & Poor's 500 index slipped 3.45 or nearly 0.3 percent, to 1,309.38.
The NYSE composite index was down 2.17 to 661.39, the American Stock Exchange composite index lost 7.75 to 947.37 and the Russell 2000 index rose 1.32 to 517.23.
Decliners led advancers 15 to 14 on the New York Stock Exchange, with 1,617 down, 1,488 up and 213 unchanged. Volume was 1.25 billion shares vs. 1.46 billion yesterday. The Treasury's 10-year note fell 6/32 to 97; its yield rose 3 basis points to 5.40 percent. The 30-year bond fell 15/32 to 9412/32; its yield rose 4 basis points to 5.77 percent.
Technology stocks struggled. Gainers included Microsoft, up $1.49 at $70.28, and Cisco Systems, up 59 cents at $23.46. But some other high-profile tech stocks fell, including Oracle, down 55 cents at $17.55.
Blue chips were likewise choppy, reflecting profit-taking from the sector's big run-up last week. Retailer Home Depot slipped 39 cents to $52.99, while Target was up $1.14 at $38.89 on better-than-expected earnings.
Many stocks today made moves based on individual companies' announcements rather than investors' overall worries about the economy or weak earnings reports, which have controlled trading activity in recent weeks.
AOL Time Warner rose 64 cents to $57.24, surging into positive territory at the close on a surge of volume, after announcing its America Online unit was increasing the monthly price of its unlimited use plan by about 9 percent to $23.90.