Stock prices closed mostly lower in New York yesterday, as cautious investors, fearing a pending interest rate rise, fled the technology sector despite strong corporate earnings.

On Wall Street, the Dow Jones industrial average closed up 3.10 at 11,032.99.

Broader stock indicators were lower. The technology-laden Nasdaq composite index fell sharply, losing 97.49, or 2.3 per cent, to close at 4,069.92.

The Standard and Poor's 500 fell 3.08 to 1,406.95.

Advancing issues outnumbered decliners by a 4-to-3 margin on the New York Stock Exchange, with 1,705 down, 1,344 up and 461 unchanged.