NEW YORK -- A late rally lifted smaller-company stocks further into record territory, but blue-chip shares fell modestly today after some discouraging earnings news and a stumble in the recent bond rally. Dow falls 26.77
The Dow Jones industrial average made another fleeting move above 8,000 in early trading, but quickly turned lower and fell 26.77 points to close at 7,970.06.
Decliners beat advancers by a 6-to-5 margin on the New York Stock Exchange, with 1,306 up, 1,558 down and 555 unchanged. NYSE volume was 522.21 million shares vs. 490.40 million yesterday.
Broader measures were mixed.
The Standard & Poor's 500-stock list fell 3.50 to 951.93; and the NYSE composite index, which yesterday closed at a record high for the first time since early August, fell 2.21 to 496.95. But the Nasdaq composite rose 7.91 to 1,697.36, its fourth straight record close. The Russell 2000 rose 0.44 to 449.42, its eighth straight closing high.
The American Stock Exchange composite index fell 4.49 to 685.45, snapping a seven-session streak of record highs.
For the first time in eight sessions, were weak throughout trading, pushing interest rates higher. That spurred investors to lock in some gains in the stock market, particularly in the high-flying small-company sector.
The price of the Treasury's main 30-year bond was down 7/16 point, or $4.37 per $1,000 in face value, around midday, while its yield rose to 6.38 percent from 6.35 percent late yesterday.
Stocks were also pressured by two developments on the earnings front late yesterday. Delta Air Lines and Micron Technology both fell sharply on earnings concerns.