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Stocks Mixed; Dow Up 11.21

May 13, 1998

NEW YORK (AP) _ Stocks were mixed this morning, with the Dow Jones industrial average pulling back from an early foray into record territory.

At 11 a.m. on Wall Street, the Dow was up 11.21 at 9,172.98 after retreating from a gain of nearly 60 points that would have topped May 4′s record close of 9,192.66

Most broad-market indexes also rose despite two potentially troubling reports.

The Labor Department reported that prices charged by factories and other producers rose in April for the first time in seven months, while the Commerce Department said retail sales rebounded after a lull in March.

Stocks have seesawed in recent weeks amid concerns that Federal Reserve officials might boost the central bank’s key lending rates to prevent an inflationary spurt in the economy. Heavy consumer demand might farther strain the nation’s busy factories, pushing up prices. Fed officials are due to hold their next strategy session on Tuesday.

The Standard & Poor’s 500 index was up 2.04 at 1,117.84, and the technology-heavy Nasdaq composite index was up 4.93 at 1,865.10.

Declining issues outnumbered advancers by a narrow margin on the New York Stock Exchange, where volume came to 197.97 million shares, up from Tuesday’s early pace.

The NYSE composite index was down 0.28 at 578.00, and the American Stock Exchange composite index was up 0.01 at 743.59.

Overseas, Tokyo’s Nikkei stock average rose 0.1 percent. In afternoon trading, Frankfurt’s DAX index was up 1.5 percent and London’s FT-SE 100 was up 0.4 percent.

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