Around the World's Markets: New York

US STOCKS fell in the last hour of trading as investors shifted money from computer and semiconductor shares into utilities and smaller companies.

The Nasdaq slumped 28.53, or 1.1 per cent, to 2,548.87, led by Intel. IBM accounted for most of the Dow Jones's 20.65-point drop to 10,866.74. The Standard & Poor's 500 Index fell 5.40 to 1,338.83.

"It's a rotation from the old leaders into a broad list of stocks,'' said one analyst.