New York — A better-than-expected forecast from Compaq Computer failed to incite buying Monday on Wall Street as investors decided to play it cautious and collect some of their profits from last week's rally.
The market drifted lower in quiet selling that analysts said wasn't surprising given stocks' recent gains. Although investors are becoming more confident that business is improving, they still are concerned about the near future and questioning whether stock prices are rising too quickly.
The Dow Jones industrial average closed down 62.69, or 0.6 percent, at 10,197.05, snapping a three-session winning streak that saw the blue chips rise 238 points.
Compaq rose 29 cents to $11.68 after issuing a statement saying its fourth quarter would be profitable and that results would exceed current estimates. Other tech issues were mixed. Microsoft fell 34 cents to $68.56, while Gateway advanced 43 cents to $10.25.
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