Soaring bond yields hold stocks lower

 

On the first day of trading on Wall Street in the year 2000 soaring bond yields held most stocks lower, but technology investors weathered a volatile market and scooped up shares of their favourite companies.

The Dow Jones industrial average fell 140.23, or 1.2 per cent yesterday to close at 11,356.89.

Broader stock indicators were mixed.

The Standard and Poor's 500 fell 14.08 to 1,455.17, and the Nasdaq composite index rose 61.49 to 4,130.80.

Declining issues outnumbered advancers by nearly a 2-to-1 margin on the New York Stock Exchange, with 2,143 down, 1,111 up and 291 unchanged.