Technology stocks drove the Nasdaq composite index tantalisingly close to a new record yesterday, while blue-chip shares tumbled as worries about rising interest rates distracted investors from strong fourth-quarter corporate earnings reports.
The Dow Jones industrial average fell 162.26 to close at 11,560.72. Profit-taking following last week's rally also contributed to some selling.
The Nasdaq rose 66.49 to 4,130.76, just shy of its January 3rd closing record of 4,131.15. The Nasdaq has now gone through 10 straight sessions without setting a new record, the longest streak since late October, when the technology-dominated index began a sprint that lasted through the start of the new year.
Broader stock indicators were mixed. According to preliminary calculations, the Standard and Poor's 500 fell 10.01 to 1,455.14.
Declining issues outnumbered advancers by a seven-to-five margin on the New York Stock Exchange, with 1,827 down, 1,301 up and 429 unchanged.
NYSE volume totalled 1.01 billion shares at the close compared to 1.07 billion in the previous session.
The Russell 2000 index of smaller companies rose 5.81 to 513.43.
Microsoft, which released its earnings after the close of trading, rose as investors anticipated a strong report.
