The Nasdaq, laden with the computer stocks many investors consider expensive, dropped 7.27 to 2,535.58. Microsoft and Amazon.com were among the biggest fallers.
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THE DOW Jones climbed above 11,000 for the first time, led by Minnesota Mining and General Motors, after a report on the manufacturing sector suggested that the economy is growing with little pressure for higher interest rates. The index rose 225.65 points to 11,014.69, its biggest day's climb since 5 March.