The Nasdaq composite index closed sharply higher in New York yesterday after Intel sparked a rally in technology shares. But the Dow Jones industrials lagged the broader market, closing lower after making spectacular gains last week.

At the close of trading on Wall Street, the Dow Jones industrial average was down 8.47 at 9,727.61. The Dow opened higher, then retreated as much as 61.75 before trimming its loss in the final hour of trading.

The Standard and Poor's 500 rose 7.26 to 1,282.73, and the technology-heavy Nasdaq composite index was up 60.51 at 2,397.62.

Declining issues outnumbered advancers by a 6-to-5 margin on the New York Stock Exchange, with 1,368 up, 1,638 down and 561 unchanged.