Dow ends down 39 on gloomy economic news

The day's economic news was gloomy and money managers made few bold moves as the quarter ended.

"This is possibly a short-term top," said Ken Tower, chief market strategist for Schwab's CyberTrader, said of the Dow's briefly surpassing its closing record of 11,722.98 on Thursday.

"The Dow has been flirting with an all-time high; the market may be due for a little rest as we enter October."

Stocks dipped after St. Louis

Federal Reserve President William Poole said the Fed would continue to watch economic data as it sets interest rate policy. His comments were seen as leaving the door open to additional interest rate hikes if inflation necessitates them; traders had been hoping the hikes were over.

The Dow fell 39.38, or 0.34 percent, to 11,679.07. The blue chip index briefly crossed its closing high on Thursday, then fell back. It has yet to surpass its all-time trading high of 11,750.28; both highs were set Jan 14, 2000.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 3.30, or 0.25 to 1,335.85, and the Nasdaq composite index fell 11.59, or 0.51 percent, to 2,258.43. The S&P 500 remains near a 5 1/2-year high.

Bonds, meanwhile, fell, with the yield on the 10-year Treasury note at 4.63 percent, up from 4.61 percent Thursday. The dollar was higher against other major currencies. Gold prices fell.

Crude oil futures rose. A barrel of light crude settled at $62.91, up 15 cents, on the New York Mercantile Exchange.