Blue chip stocks moved higher in New York yesterday but technology issues lagged behind in one of Wall Street's quietest sessions in recent weeks. Many investors stayed on the sidelines, resting after a week of hectic buying and selling.

The market was uninspired by news of the $45 billion merger between General Electric and Honeywell. And while Lucent Technologies planned to release its earnings after the market's close, a strong market reaction seemed unlikely after two warnings of weak profits and yesterday's firing of Lucent's CEO.

The Dow Jones industrial average closed up 45.13, or 0.4 per cent, at 10,271.72, down from its morning gain of 133 points.

Broader indicators were lower. The Nasdaq composite index was off 14.44 at 3,468.70. The Standard and Poor's 500 index fell 1.15 to 1,395.78.