STOCKS turned mostly higher in New York as long term interest rates fell below 7 per cent for the first time in three weeks and technology shares rebounded after Wednesday's steep slide.

Broader measures of larger companies also rebounded in the afternoon as bonds rallied, sending the yield on 30 year Treasuries to 6.99 per cent.

Advancing issues outnumbered decliners by a nine to seven margin on the New York Stock Exchange, with 1,328 up, 1,038 down and 786 unchanged.

NYSE volume totalled 405.20 million shares, against 386.48 million in the previous session.

The NYSE's composite index rose 1.71 to 357.58, and the Standard and Poor's 500 stock index rose 4.15 to 668.54.

The Nasdaq composite index rose 11.37 to 1,164.66; but the American Stock Exchange's market value index fell 5.50 to 570.13.