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Stocks Move Lower; Dow Down 36.12

May 5, 1998

NEW YORK (AP) _ Stocks opened lower today, extending a late pullback on Monday that halted a three-session rally just as the market was returning to record levels.

At 10 a.m. on Wall Street, the Dow Jones industrial average was down 36.12 at 9,156.54. yesterday, the Dow rose 45 points to a record high, but only after retreating from gains of nearly 115 points.

Broad-market indexes, some of which briefly flirted with records on Monday, were also posting modest losses today.

Declining issues outnumbered advancers by nearly a 2-to-1 margin on the New York Stock Exchange, where volume came to 68.90 million shares, on par with the modest pace of the past two sessions.

The Standard & Poor’s 500 was down 3.73 at 1,118.34, and the NYSE composite index was down 2.20 at 580.53. Both measures. Both measures flirted with new highs on Monday before retreating to marginal gains.

The Nasdaq composite index was down 2.27 at 1,876.59, and the American Stock Exchange composite index was down 1.11 at 747.69.

Overseas, Frankfurt’s DAX index was down 1.6 percent and London’s FT-SE 100 was down 0.5 percent. Japanese financial markets were closed for a holiday.

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