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Dow Up 35 After Being Down 60

July 10, 1998

NEW YORK (AP) _ Stocks were recovering today after an early dip, but the buying remained somewhat hesitant with the market’s holding such big gains before the impending crush of company profit reports.

At 3 p.m. on Wall Street, the Dow Jones industrial average was up 35.53 at 9,125.31 after rebounding from a 60-point drop.

Most broad-market indexes also turned higher, but decliner still outnumbering advancers overall.

The technology-heavy Nasdaq composite was up 0.96 at 1,940.78, flirting with a third straight closing record.

The Standard & Poor’s 500 was up 5.11 at 1,163.68, moving within 3 points of Wednesday’s record mark.

Stocks opened the day higher after the Labor Department reported that its Producer Price Index, which measures inflation pressures before they reach the consumer, fell 0.1 percent last month.

Investors liked the new data, which will likely keep the Federal Reserve from trying to guard against inflation by slowing the economy with higher interest rates.

But the positive economic news was offset by lingering concerns about slower growth in corporate profits. Over the next two weeks, most companies will report their results from the just-ended second quarter. On Thursday, the Dow fell 85 points after DuPont warned that its second-quarter profit won’t meet Wall Street forecasts.

Declining issues outnumbered advancers by a 6-to-5 margin on the New York Stock Exchange, where volume came to 467.97 million shares, down from 528.19 million at the same point on Thursday.

The NYSE composite index was up 2.61 at 592.84, and the American Stock Exchange composite index was up 1.68 at 729.59.

Overseas, Tokyo’s Nikkei stock average fell 2.2 percent, Frankfurt’s DAX index rose 0.3 percent and London’s FT-SE 100 fell 0.7 percent.

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