Stocks Close Mostly Lower in Lackluster Trading

Volume was thin as trading remained in a narrow range.
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Most major market barometers ended on the downside, with the

Nasdaq Composite Index

sliding the most, while the small-cap

Russell 2000

managed to close in the green.

The Nasdaq Comp fell 22.12, or 0.9%, to 2520.11. The Russell 2000 rose 1.12, or 0.3%, to 449.14.

The

Dow Jones Industrial Average

gave up 37.46, or 0.3%, to 10,829.28. The

S&P 500

slumped 8.62, or 0.6%, to 1330.21.

TheStreet.com Internet Sector

slipped 1.41, or 0.2%, to 623.38.

The 30-year Treasury bond was up 28/32 to 92 23/32, yielding 5.764%.

On the

New York Stock Exchange

, advancers beat decliners 1,596 to 1,321 on 690 million shares. On the

Nasdaq Stock Market

, winners beat losers 2,007 to 1,921 on 883 million shares.

On the NYSE, 53 issues set new 52-week highs while 34 touched new lows. On the Nasdaq, 77 issues set new highs while new lows totaled 39.

Among the sectors posting notable gains today were oil and oil service stocks. The

Chicago Board Options Exchange Oil Index

advanced 2.4%, while the

Philadelphia Stock Exchange Oil Service Index

jumped 4.8%.

On the Big Board,

America Online

(AOL)

was most active, with 17 million shares changing hands. It was down 3 1/4 to 126 1/4.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 37.4 million shares changing hands. It was down 15/16 to 37 5/16.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup

3:03 p.m.: Stocks Rise From Session Lows

Major market barometers have bounced well off their intraday lows, but were mostly lower heading into the final hour of trading while Treasuries rallied.

The

Dow Jones Industrial Average

was down 8 to 10,858. The

S&P 500

was down 5 to 1334. The

Nasdaq Composite Index

was down 14 to 2528. The Nasdaq Comp bottomed today at about 2509.

The small-cap

Russell 2000

has outperformed the rest of the market again today. It was up 2 to 450.

TheStreet.com Internet Sector

index was up 3 to 628.

Words like "lackluster" and "boring" were used to describe trading today.

"It's almost like a summer Friday," said Dan Marciano, head of trading at

First Albany

. The trader noted that about the only action is with the oil stocks today.

The

Chicago Board Options Exchange Oil Index

was up 2%.

Marciano said he expects the market to "go quietly into the sunset today."

As for the government market, the 30-year Treasury bond was up 23/32 to 92 17/32, yielding 5.78%.

Concern over interest rates continues to hang over the market, Marciano said. Going forward, market participants have said that a lot of attention will be placed on economic data for any signs of increasing inflation particularly in the wake of the recent jump in the

Consumer Price Index

.

On the

New York Stock Exchange

, advancers were leading decliners 1,540 to 1,343 on 546 million shares. On the

Nasdaq Stock Market

, losers were leading winners 1,903 to 1,889 on 704 million shares.

On the NYSE, 42 issues had set new 52-week highs while 30 had touched new lows. On the Nasdaq, 63 issues had set new highs while new lows totaled 37.

On the Big Board,

America Online

(AOL)

was most active, with 14 million shares changing hands. It was down 1 7/8 to 127 5/8.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 30 million shares changing hands. It was down 1 3/16 to 37 3/8.

1:59 p.m.: Nasdaq Leads on the Downside

Investors continued to shun technology stocks as the

Nasdaq Composite Index

paced the market on the downside, while the Treasury market soared.

Despite the slump in major gauges, market breadth on the

New York Stock Exchange

was positive, with advancers beating decliners 1,519 to 1,326 on 455 million shares.

On the

Nasdaq Stock Market

, however, losers were beating winners 1,850 to 1,815 on 580 million shares.

The Nasdaq Comp was down 21 to 2521.

The 30-year Treasury bond was up 30/32 to 92 25/32, yielding 5.76%.

The

Dow Jones Industrial Average

was down 40 to 10,826. The

S&P 500

was down 8 to 1331. The

Russell 2000

was up 1 to 449.

TheStreet.com Internet Sector

index was down 6 to 619.

On the NYSE, 37 issues had set new 52-week highs while 21 had touched new lows. On the Nasdaq, 54 issues had set new highs while new lows totaled 36.

On the Big Board,

America Online

(AOL)

was most active, with 11 million shares changing hands. It was down 3 1/2 to 126.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 26 million shares changing hands. It was down 1 1/16 to 37 1/4.

Company Focus: Burlington Northern Sante Fe

Burlington Northern Santa Fe

(BNI)

announced a restructuring this afternoon, including the slicing of 400 jobs, or 7% of its salaried work force.

Shares of the railroad slipped 3/8 to 34 9/16.

The company also warned it anticipates that earnings for the second quarter will come in below the year-ago earnings of 58 cents a share. That figure also falls below the current

First Call

11-analyst forecast of earnings of 60 cents in the second quarter.

In addition, the railroad said Matthew K. Rose, currently senior vice president and chief operations officer, has been elected president and chief operating officer, effective June 1. He will report to Robert D. Krebs, who relinquishes the title of president but will retain the positions of chairman and CEO.

1:01 p.m.: Midday Musings: Sun's Shining but the Stock Market's Not Looking So Hot

11:58 a.m.: Tech Stocks Stumble After Early Gains

After a brief foray into the green, technology stocks have tumbled into the red.

The

Nasdaq Composite Index

was down 17 to 2526. Out of the gate, it rose nearly 12 points to roughly 2554 before journeying under water. The Comp bottomed at the 2518.27 level.

The small-cap

Russell 2000

was clinging to its gains, but it is well off its best levels of the session. The Russell 2000 was up 1 to 449.

The

Dow Jones Industrial Average

was down 18 to 10,848. The

S&P 500

was down 4 to 1335.

TheStreet.com Internet Sector

index was up fractionally.

CMGI

(CMGI)

was the biggest loser in the index. It was down 7 to 231 1/2.

Oil and oil service stocks, meanwhile, were strong. The

Philadelphia Stock Exchange Oil Service Index

was up 4%, while the

Chicago Board Options Exchange Oil Index

was up 2%.

The 30-year Treasury bond was up 17/32 to 92 11/32, yielding 5.79%.

On the

New York Stock Exchange

, advancers were beating decliners 1,458 to 1,194 on 306 million shares. On the

Nasdaq Stock Market

, losers were beating winners 1,665 to 1,662 on 384 million shares.

On the NYSE, 30 issues had set new 52-week highs while 13 had touched new lows. On the Nasdaq, 46 issues had set new highs while new lows totaled 27.

On the Big Board,

America Online

(AOL)

was most active, with 8 million shares changing hands. It was down 3 1/8 to 126 3/8.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 20 million shares changing hands. It was down 1 3/16 to 37 1/16.

Tech Focus

Among tech sector gauges, the

Nasdaq 100

, the

Morgan Stanley High-Tech 35

and the

Philadelphia Stock Exchange Computer Box Maker Index

were down 1%.

The

Philadelphia Stock Exchange Semiconductor Index

was also down 1%.

Tech titans Dell,

Cisco

(CSCO) - Get Report

,

Microsoft

(MSFT) - Get Report

and

Intel

(INTC) - Get Report

were all lower. Cisco was off 1/4 to 114 1/2; Microsoft was down 15/16 to 77 1/2; and Intel was down 7/16 to 57 1/4.

10:56 a.m.: Stocks Remain Narrowly Mixed in Light, Lackluster Trading

The small-cap

Russell 2000

was outpacing the rest of the market's major averages again today.

The small-cap Russell 2000 was up 2 to 450.

The

Dow Jones Industrial Average

was up 4 to 10871. The

S&P 500

was down 1 to 1338, while the

Nasdaq Composite Index

was down 8 to 2534. Market breadth was positive.

Peter Cardillo, chief strategist at

Westfalia Investments

, said he's looking for the market to slip in and out of the plus and minus column due to today's options expiration. Today sees the double expiration of some stock and futures options.

Cardillo said it's been a quiet day in the market so far.

Cardillo said he thinks the small-cap outperformance is going to continue. "The little guys are going to have their day," he said.

The

Philadelphia Stock Exchange Oil Service Index

was up 4%, while the

American Stock Exchange Tobacco Index

was up 2%.

The benchmark 30-year Treasury bond was up 6/32 to 92 4/32, yielding 5.82%.

On the

New York Stock Exchange

, advancers leading decliners 1,484 to 1,013 on 210 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,649 to 1,444 on 250 million shares.

On the NYSE, 23 issues had set new 52-week highs while 9 had touched new lows. On the Nasdaq, 40 issues had set new highs while new lows totaled 21.

On the Big Board,

America Online

(AOL)

was most active, with 5 million shares changing hands. It was down 2 3/16 to 127 5/16.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 12 million shares changing hands. It was down 15/16 to 37 5/16.

9:58 a..m: Stocks Open Narrowly Mixed

The Internet sector was showing some strength early on while the major market averages were mixed.

TheStreet.com Internet Sector

index was up 5 to 630.

The

Dow Jones Industrial Average

was down 8 to 10,858. The

S&P 500

was down fractionally at 1339. The

Nasdaq Composite Index

was up 5 to 2547. The

Russell 2000

was up 2 to 450.

The 30-year Treasury bond was up 14/32 to 92 11/32, yielding 5.80%.

Most Up at Open -- NYSE

Cooper Cameron (CAM) , up 1 7/8 to 38 3/8

.

Most Up at Open -- Nasdaq

priceline.com (PCLN) , up 10 15/16 to 145 5/16

:

Donaldson Lufkin & Jenrette

initiated coverage of priceline.com with a buy rating and set a $190 price target on the stock.

Most Down at Open -- NYSE

Eaton (ETN) - Get Report, down 1 9/16 to 88

: Eaton yesterday said it will sell an electronic control systems business unit that it bought as part of its purchase of

Aeroquip-Vickers

.

Most Down at Open -- Nasdaq

Atlantic Coast Airlines Holdings (ACAI) , down 3 3/8 to 19 5/8

:

BT Alex. Brown

downgraded Atlantic Coast to buy from strong buy.