The US stock market fell back from a big early rally yesterday, unable to sustain its advance amid continuing concerns about interest rates. The technology-dominated Nasdaq stock market also lost ground after early gains, but still ended the session with a third straight record close. Nasdaq broke the 3,000 level for the first time yesterday after several days of record highs, as investors continued to buy technology stocks on solid earnings and a relaxed inflation outlook.

The index hit 3,014.84 in early trading before falling back below 3,000 by lunchtime. It rose 13.94 to finish at 2,981.59.

The Dow Jones industrial average dropped 66.67 to 10,581.84 after sacrificing a gain of more than 100 points. The Dow also fell more than 81 points on Monday. Broader stock indicators were mixed. The Standard and Poor's 500 closed down 6.38 at 1,347.74.