Stocks closed on a mixed note yesterday as investors stepped back from blue chips and rotated into lagging technology shares. Based on early, unofficial results, the Dow Jones industrial average ended down 38.29 points at 8,110.84 following Friday's jump of nearly 100 points.

In the broader market, advancing issues led declines by a small margin on moderate volume of 493 million shares on the New York Stock Exchange.

The technology-heavy Nasdaq composite index was up 17.64 points at 1,651.54.

Analysts said the Dow was ripe for a fall after gaining 354 points, or 4.5 per cent, in the last six trading sessions.

After closing at a record high Friday, the Standard & Poor's 500 index dropped 1.42 points to 982.37.

A weakness in bonds also led investors to cash in some of their recent gains in blue chips.