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Dow Up 36 After Slow Start

August 17, 1998

NEW YORK (AP) _ Blue-chip stocks turned higher today after a weak start, with investors keeping one nervous eye on overseas markets and another on the White House.

At 11 a.m. on Wall Street, the Dow Jones industrial average was up 36.82 at 8,461.82 after overcoming an early 56-point drop.

Declining issues outnumbered advancers overall, but the strength among blue-chip issues pushed most broad-market indexes into positive terrain despite another day of losses for the Japanese yen and Japanese stocks.

The Nikkei stock average fell 2.2 percent to a two-month low amid growing doubt about the new prime minister’s ability to resuscitate Japan’s economy.

Meanwhile, in the world’s other financial hot spot, the Russian central bank sharply devalued the ruble today _ a move that is expected to cause hardship for Russian consumers and rattle international markets.

The Standard & Poor’s 500 index was up 7.11 at 1,069.86, and the technology-heavy Nasdaq composite index was up 6.29 at 1,796.48.

Declining issues outnumbered advancers by an 8-to-7 margin on the New York Stock Exchange, where volume came to 169.95 million shares, down from Friday’s early pace.

The NYSE composite index was up 2.40 at 538.11, and the American Stock Exchange composite index was up 2.64 at 665.28.

In afternoon trading overseas, Frankfurt’s DAX index was down 1.6 percent and London’s FT-SE 100 was down 0.5 percent.

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