The Nasdaq fell sharply yesterday as investors once again moved money out of newer technology stocks and into shares of the more established computer-makers and industrial companies.
The Dow Jones rose 85.01 to 10,680.24, the Nasdaq was down 188.03 at 4,610.10 and the Standard and Poor's 500 fell 7.84 to 1,456.63. The Russell 2000 index of smaller companies fell 25.56 to 549.21.
Declining issues outnumbered advancers by an eight-to-seven margin on the New York Stock Exchange, with 1,584 down, 1,378 up and 490 unchanged.
NYSE volume totalled 912.91 million shares at the close compared to 1.29 billion in the previous session.
"Given the very high prices of many of these stocks, people who want to be heavily invested in technology are believing that maybe they should stick with the tried and true," said Richard Dickson, a technical analyst at Scott and Stringfellow in Richmond, Virginia.
