Stocks meandered to a mixed finish in New York yesterday as investors failed to find direction in a market facing rising interest rates and a dearth of significant economic news.

Declining issues outnumbered advancers by a 5-to-4 margin on the New York Stock Exchange, with 1,608 down, 1,284 up and 507 unchanged. NYSE volume totalled 804.12 million shares, against 813.69 million in the previous session. The Russell 2000 index of smaller companies fell 5.95 to 493.71.

"The market is just marking time," said Mr Alan Ackerman, senior vice-president at Fahnestock and Co in New York. "We have buyers and sellers just waiting it out for the time being." The Nasdaq's largest technology stocks led the index lower today. Cisco Systems, Oracle and Microsoft all declined.