US smaller company stocks rose to record levels for the seventh successive session today, but blue chip shares fell as new manufacturing data contradicted recent signs that inflationary pressures may be easing.
The central bank moved to ease inflationary demand by raising a key lending rate in late March, but passed on an opportunity to do it again two weeks ago. Investors had been worried that the Fed might slow consumer borrowing too much, hurting company profits.
Advances outnumbered declines by a three to two margin on the New York Stock Exchange.
The Standard and Poor's 500 stock list fell 1.92 to 846.36, and the NYSE's composite index fell 0.24 to 441.54.
The technology heavy Nasdaq composite index which on Friday ended slightly lower after tumbling nearly 50 points on a discouraging outlook from Intel rose 4.46 to 1,404.78.
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