NEW YORK -- Stocks turned sharply lower this afternoon as the bond market resumed its recent slide, lifting interest rates further from last week's 17-month low. Dow falls 71.31
The Dow Jones industrial average fell 71.31 points to close at 8,188.00 after trading slightly higher much of the day. An early 40-point gain had put the blue-chip barometer just a half point shy of its first trip above 8,300.
Declining issues outnumbered advancers by a 5-to-4 margin on the New York Stock Exchange, with 1,244 up, 1,583 down and 554 unchanged. NYSE volume totaled 576.03 million shares, vs. 565.22 million yesterday.
Broader market indicators also sank over the final two hours after spending most of the session hovering near yesterday's record marks. The Nasdaq composite index failed to extend its streak of six consecutive closing highs.
All four measures had closed at record highs yesterday.
The Standard & Poor's 500-stock list fell 9.13 to 951.19, and the NYSE composite index fell 4.38 to 492.62. The Nasdaq composite index fell 6.28 to 1,624.16, and the American Stock Exchange composite index fell 1.99 to 652.07.
Stocks had drawn some early strength from the bond market, where interest rates improved slightly for the second straight day after a three-session slump.
But as bonds turned lower in the afternoon following a less-than-enthusiastic auction of new 30-year Treasury securities, the yield on the long bond jumped to 6.53 percent, up from late yesterday's 6.49 percent.