NEW YORK Stocks turned mostly higher today, led by technologyshares, despite another weak day in the bond market, where interestrates rose for the second straight session after setting 17-monthlows last week.
The Dow Jones industrial average rose 4.41 points to close at8,198.45, having erased an early 60-point deficit and bobbed betweenpositive and negative territory.
Broader stock indicators were mostly positive, with technologyshares leading the Nasdaq market further into record territory.
Advancing issues outnumbered decliners on the New York StockExchange, with 1,488 up, 1,366 down and 523 unchanged, on volume of459.7 million shares.
The Nasdaq composite index, which has closed at record highs forthree straight sessions, was up 11.10 at 1,605.43, its first tripabove 1,600 ever.
Bond prices fell today despite a report that seemingly bolsteredarguments that economic activity has been slowing enough to keepinflation in check.
The Commerce Department reported that construction spendingtumbled 1.1 percent in June, the worst showing in six months. TheMay reading, however, was revised sharply upward to an increase of0.3 percent from the initial estimate of a 1.8 percent drop.Economists had anticipated around a 1.2 percent gain in June.
The benchmark 30-year bond fell $3.44 per $1,000 in face value,lifting its yield to 6.48 percent from 6.45 percent.
The dollar rose against other major currencies in late Europeantrading.
In London, the dollar was quoted in late trading at 118.35Japanese yen, up from 118.15 late Friday, and at 1.8647 German marks,up from 1.8624.
Other late dollar rates in Europe: 1.5254 Swiss francs, up from1.5243; 6.2850 French francs, up from 6.2650; 2.0997 Dutch guilders,up from 2.0973; 1,827.00 Italian lire, up from 1,816.0; and 1.3785Canadian dollars, down from 1.3800.
The British pound was quoted at $1.6296, down from $1.6325 lateFriday.
Gold in London closed at $323.40 per ounce, down from $323.80late Friday.
Silver traded in London at $4.49 a troy ounce, up from $4.44Friday.
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