Stocks Modestly Lower Amid Rate Concerns

The Treasury market is up a bit after Friday's meltdown.
Author:
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Continuing worries about higher interest rates have the major indices on the downside, though not extremely badly.

Interest rates actually are declining modestly, with the bellwether 30-year Treasury bond up 9/32 to 90 31/32 with its yield easing to 5.90%.

The

Dow Jones Industrial Average

was down 60 to 10,853, with

IBM

(IBM) - Get Report

and

General Motors

(GM) - Get Report

applying the most pressure. The

S&P 500

was down 7 to 1331.

On the tech side, the

Nasdaq Composite Index

was off 12 to 2516, with

Amazon.com

(AMZN) - Get Report

and

Sun Microsystems

(SUNW) - Get Report

leading the way down.

Microsoft

(MSFT) - Get Report

was up 11/16 to 77 5/8, however.

The

Russell 2000

was down 2 to 441 and

TheStreet.com Internet Sector

index was off 3 to 626.

Most Up at Open -- NYSE

Frontier (FRO) - Get Report, up 1 3/4 to 57 7/8

: The company, already set to merge with

Global Crossing

(GBLX)

, was benefiting from terms of Global Crossing's just-announced merger with

U S West

(USW)

.

Most Up at Open -- Nasdaq

Medical Manager (MMGR) , up 14 5/16 to 48 1/16

:

Synetic

(SNTC)

agreed to acquire Medical Manager for $1.4 billion.

Most Down at Open -- NYSE

IBM, down 2 5/8 to 236 5/8

.

Most Down at Open -- Nasdaq

Synetic, down 3 to 92 1/2

: See above.