US stocks changed little after pulling back from an early rally led by the technology sector, following an encouraging earnings report from IBM.
On Wall Street, the DowJones industrial average dropped 20.47 points to close at 6,792.25, having lost an early 78 point gain. But with out a huge gain by IBM, the blue chip barometer would have lost about 60 points.
Broader measures ended mixed. Technology shares and smaller company issues out performed the blue chip sector.
As expected, IBM reported a small drop in its first quarter profits. The results, released after yesterday's close, exceeded analyst forecasts.
For the second straight day, stocks were pressured by the bond market, where interest rates rose again amid worries that an impending flood of new economic reports might heighten investors recent inflation worries. Next week's data includes key readings on wage levels and other employment costs.
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