Stocks Dip on Record Volume

Stocks fell Friday in the busiest session ever on the New YorkStock Exchange amid a year-end selloff led by technology stocks.

The unprecedented volume also was fueled by the so-called"triple witching" expiration of stock options and futures.

The Dow Jones industrial average traded in a narrow range allday, losing a maximum of 16 points before closing the day down 5.42points at 5,176.73. Despite the minor retreat Friday, the blue-chipaverage still gained 19.87 points for the week.

Volume on the NYSE was the heaviest in history at 653.16 millionshares, topping the 608.15 million that changed hands on Oct. 20,1987, the day after the 1987 Black Monday crash. The exchange saidits trading systems had capacity to spare even in the peak periods ofthe day.

Traders wasted no time in getting down to business. More shareschanged hands in the first 16 minutes on the New York Stock Exchangethan had ever changed hands in a full first hour of trading.

Broad-market indexes were dragged down by another poorperformance of technology shares. The NYSE's composite index fell0.44 to 328.66. The Standard & Poor's 500-stock index eased 0.58 to616.34. The Nasdaq composite index slipped 8.09 to 1,030.10.

"I'm bloodied," admitted Thom Brown, market strategist atRutherford, Brown & Catherwood in Philadelphia. But he added that,away from the technology sector, "the market's holding up very well.There are a lot of buyers out there for good, basic stocks."

Computer shares fell after disappointing earnings news fromApple Computer and Micron Technology.

Micron dropped 4 7/8 to 45 1/8 on the Big Board after thechipmaker posted weaker-than-expected first-quarter earnings and saidchip prices will be lower in the upcoming quarter.