Stock rally loses steam
as investors take profits

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By Lisa Singhania
Associated Press

NEW YORK >> Wall Street retreated today as investors collected their wins from a two-day rally, but the selling was subdued and focused on the technology sector.

The pullback wasn't surprising, given the size and speed of the market's advance Wednesday and yesterday.

But analysts said the losses also reflected investors' lingering doubts about whether stocks could maintain their upward momentum.

The Dow Jones industrial average closed down 12.74 at 9,907.26, ending a two-session, triple-digit winning streak.

The losses were more significant for the technology-dominated Nasdaq composite index, which fell 22.78 to 1,911.25.

The Standard & Poor's 500 index dropped 8.00 to 1,122.18.

Decliners edged advancers on the New York Stock Exchange, with 1,667 down, 1,451 up and 211 unchanged. Volume was 1.36 billion shares.

The NYSE composite index lost 2.74 to 575.76, the American Stock Exchange composite index rose 1.26 to 843.67 and the Russell 2000 index fell 3.06 to 480.04.

For the week, the major indexes were mixed. The Dow rose 0.7 percent, the Nasdaq fell 1.4 percent and the S&P lost nearly 1.0 percent.

The Treasury's 2-year note rose 18 to 99 2732; its yield fell 7 basis points to 3.08 percent. The 10-year note gained 12/32 to 100 18; its yield lost 5 basis points to 4.98 percent.

In trading today, Sun Microsystems slipped 39 cents to $10.37 on concerns about the competitiveness of its products. Intel dropped 37 cents to $34.67, falling back from gains yesterday prompted by a Merrill Lynch upgrade of the stock.

Financial stocks also fell. American Express tumbled 75 cents to $35.10.

But Disney rose $1.39 to $22.45 after reporting stronger-than-expected quarterly results and announcing it will no longer buy consulting services and auditing services from a single company.