BLUE CHIP stocks fell sharply on Wall Street, but technology issues rallied again, lifting the Nasdaq market to its fifth straight record.
Concerns about the effects of rising interest rates and inflation on earnings growth saw the Dow Jones fall.
Most broader market measures were lower too, but the technology heavy Nasdaq composite index staged another broad advance and has risen over 7 per cent in under two weeks.
Declines outnumbered advances by a slim margin on the New York Stock Exchange, with 1,168 up, 1,213 down and 759 unchanged. The NYSE's composite index fell 0.64 to 348.96. The Standard and Poor's 500 stock index fell 1.41 to 650.17. The Nasdaq composite index rose 8.78 to 1,175.54.
At the American Stock Exchange, the market value index fell 1.68 to 589.05, ending a six session streak of record finishes.
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