Caution over rates mounts

STOCKS pulled mostly higher in New York after struggling past rising interest rates in the bond market and some profit taking…

STOCKS pulled mostly higher in New York after struggling past rising interest rates in the bond market and some profit taking on a two day rally.

On Wall Street, the Dow Jones industrial average fell 6.66 points to close at 5727.18, with investors securing some profits from a 125 point gain over the past two sessions.

The 2.2 per cent advance on Friday and Monday had put the barometer of 30 big US companies within 45 points of its all time high at 5778.00, set in late May.

Broader measures turned mostly higher but investors grew cautious before key readings on inflation due later this week.

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The NYSE's composite index rose 0.21 to 356.49, and the Standard and Poor's 500 stock index rose 0.06 to 663.82. The Nasdaq composite index rose 0.72 to 1,149.43 and the American Stock Exchange's market value index rose 3.27 to 565.23.