11.   Economically sensitive auto, chemical and computer companies gained, while bank and utilities stocks -- those which do best when rates fall -- dropped.

12.   Governments like the securities because if the inflation rate falls, so do their borrowing costs.

13.   Greenspan did leave the door ajar for interest rate increases should the jobless rate fall further, triggering higher wages and faster inflation.

14.   However, to protect themselves against the opposite trend --a rising pace of refinancings as rates fall -- mortgage companies maintain big hedging portfolios.

15.   Interest-rate sensitive stocks, with earnings that tend to rise most as rates fall, today rose as bond yields fell.

16.   Investors have focused on new securities in recent weeks for bonds that post the best returns as rates fall.

17.   Just psychologically, as rates fall, the brokers do pretty well.

18.   So wages should be climbing faster and faster as the unemployment rate falls and companies raise pay to lure new workers or to retain the ones they have.

19.   Still, Farrell expects larger stocks can rejoin the rise as rates fall back from current levels.

20.   Stocks were mixed amid a conflicting outlook for corporate profits as rates fall, while the dollar was higher.