NEW YORK (AP) _ Stocks were mixed today, with the technology group extending this week’s rally and AT&T’s $48 billion takeover of cable giant TCI weighing down the blue-chip sector.
At 11 a.m. on Wall Street, the Dow Jones industrial average was down 31.14 at 8,797.32 after surging 117 points on Tuesday.
AT&T sank 4 3/4 _ or the equivalent of nearly 20 Dow points _ amid news of its agreement to pay $32 billion in stock for Tele-Communications Inc. AT&T would also assume the cable company’s huge debt of $16 billion in the deal, which boosted TCI’s stock 2 3/4 to 41 7/16 as the most active Nasdaq issue.
Broad-market indicators were mixed, with the technology-heavy Nasdaq composite index rising 1.92 to 1,846.49 after gaining 63 points on Monday and Tuesday. The Standard & Poor’s 500 index was down 3.45 at 448.32.
Declining issues outnumbered advancers by a slim margin on the New York Stock Exchange, where volume came to 183.48 million shares, down slightly from Tuesday’s early pace.
The NYSE composite index was down 1.02 at 570.61, and the American Stock Exchange composite index was up 6.89 at 705.49.
Overseas, Tokyo’s Nikkei stock average rose 0.5 percent. In afternoon trading, Frankfurt’s DAX index was up 1.1 percent and London’s FT-SE 100 was down 0.3 percent.