US stocks mixed on profit-taking

Technology selling has put pressure on US stocks, resulting in a mixed market despite strong gains in the financial and energy sectors.

The Dow Jones closed up 72.10, or 0.7%, at 10,070.49, the Nasdaq lost 21.87, or 1.1%, to close at 1,982.89.

Meanwhile the Standard & Poor's 500 index was up 6.64, or 0.6%, at 1,149.56, while Russell 2000 index fell 3.42 to 482.07.

Motorola fell 91 cents to $15.70 on news it is trimming another 9,400 jobs. The company has now decreased its work force by 32% - 42,900 jobs through layoffs and 5,500 through sales of businesses - since August 2000.

Other tech issues were weak, too. Intel dropped 47 cents to $33.34, while Ciena lost 47 cents to $15.00.

Energy-related stocks advanced on reports of higher oil prices, including ExxonMobil, which rose 80 cents to $38.35.

Financial stocks were stronger, too, reflecting Wall Street's hopes that the sector will improve early in a recovery. American Express rose $1.22 to $34.60. General Electric, which has a significant financial services business, gained $1.06 to $40.78.

Citigroup had a lift after announcing it is spinning its Travelers Property Casualty insurance business into a separate company to better focus on faster-growing financial services. Its stock gained $1.86 to $49.96.

A better-than-expected report on leading economic indicators appeared to reassure Wall Street, which had started the day sharply lower. The Conference Board said economic fallout from the terrorist attacks was fading. The index moved up 0.5% last month; analysts had forecast a 0.3% gain.

Declining issues led advancers 8 to 7 on the New York Stock Exchange. Volume totalled 1.44 billion shares, compared with 1.32 billion on Tuesday.