WALL Street stocks slid from record levels as bonds retreated, sending interest rates higher, and investors locked in profits.

The Dow Jones industrial average fell 15.88 points to close at 5762.12. The Dow would have shed another 20 points if not for a surge in Philip Morris shares on news of a court decision to block a major tobacco liability case.

Philip Morris shares surged in the mid afternoon after an appeals court rejected a class action brought against cigarette makers on behalf of millions of smokers.

The NYSE's composite index fell 1.26 to 362.43. The Standard and Poor's 500 stock index lost 2.42 to 676.00.

The Nasdaq composite index fell 0.17 to 1247.21.

At the American Stock Exchange, the market value index fell 2.31 to 612.68, snapping a five session streak of record high closes.