Dow, and Tech Stocks, Take a Dip
NEW YORK, June 21ÛÓStock prices closed mixed today as investors cashed in profits from the dizzying rise in technology shares and weighed the prospects of an interest rate cut by the Federal Reserve.</br></br>The Dow Jones industrial average dropped 3.46 points, to 4547.10. But advancing issues slightly outnumbered declining ones on the New York Stock Exchange, where trading volume climbed to 398.2 million shares from</br></br>The Nasdaq index, which reached a record high of 929.83 on Tuesday as technology stocks added to their recent explosive performance, ended today at 929.19, down 0.64 of a point.</br></br>ÛÏThere is a certain amount of watch and wait ahead of quarterly earnings,Û said Robert von Pentz, chief investment officer at Riggs Investment Management Corp.</br></br>Traders saw buying in drug and financial stocks and profit-taking in oil and technology stocks. The American Stock ExchangeÛªs computer index, which has risen 44 percent in 1995, was three points lower at 229. Among the tech stocks, Texas Instruments lost 4% to 138, Micron shed 3VåÈ to 54% and Integrated Silicon lost 4% to 53%.