Around the World's Markets: NEW YORK

THE DOW extended its winning streak to five sessions, but an early rally fizzled out late, and the Nasdaq ended down as investors took a breather. The Dow closed up 39.40 points at 8,505.85, while the technology- laden Nasdaq closed off 9.54 points at 1,639.19.

On the New York exchange, advancing issues led declines by two-to-one on volume of 954 million shares. Upward momentum in stocks might be rejuvenated today after Microsoft and IBM reported better-than-expected September quarter earnings yesterday.