STOCKS closed mostly lower ignoring bullish inflation news as some investors took profits following the Dow Jones' first close above 7,000.

On Wall Street, the Dow dropped 33.48 points to close at 6,988.96.

Moderate economic growth, strong corporate profit gains, a lack of inflation and the steady growth of mutual funds show little signs of letting up.

Advancing issues outnumbered decliners by 10 to 9 on the New York Stock Exchange.

The NYSE's composite index fell 0.94 to 423.48. The Standard and Poor's 500 stock index lost 3.37 to 808.45.

The Nasdaq composite index fell 3.62 to 1,367.19.