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Dow Gains 12; Nasdaq Is Up 3

July 21, 1998

NEW YORK (AP) _ Stock prices are higher in moderate trading. The Dow Jones industrial average is up a dozen points in today’s early going. Gainers on the New York Stock Exchange hold an 8-7 lead over losers.

The Nasdaq Composite Index has gained three points and the Standard & Poor’s 500 Stock Index is ahead one point.

A review of corporate earnings, and an interpretation of Alan Greenspan will be the key activities today on Wall Street.

Stocks are expected to get an early boost from a rise in the price of IBM shares.

The company reported earnings late yesterday that were slightly better than what had been expected.

A number of other companies have also reported better-than-expected results, including Citicorp, Merck and Sprint.

Meantime, Fed Chairman Greenspan makes an appearance on Capitol Hill today, to deliver his semi-annual economic report to Congress.

All that being said, some analysts are looking for a bit of profit-taking during the session, given that the Nasdaq composite set its ninth record high in a row yesterday.

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