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Stocks Mixed; Dow Down 34.65

May 6, 1999

NEW YORK (AP) _ Stocks were mixed in early trading today as traders remained nervous about the direction of interest rates.

At 10 a.m. on Wall Street, the Dow Jones industrial average was down 34.65 at 10,920.76.

Broader stock indicators were narrowly mixed. The Standard & Poor’s 500 index was up 0.04 at 1,347.35, and the Nasdaq composite index was up 8.15 at 2,542.60.

Interest rates have replaced earnings reports as the focus on the market’s attention, and worries that the strong economy will revive inflation and prompt the Federal Reserve to push rates higher have brought a return of volatile stock trading this week.

Behind today’s uncertain start was a jump in bond market yields. The Treasury’s 30-year bond carried a yield of 5.77 percent, up sharply from late Wednesday’s 5.70 percent.

The markets were waiting to see what Federal Reserve Chairman Alan Greenspan had to say about the economy at a banking conference in Chicago. In his opening remarks, Greenspan call the U.S. economy phenomenal but said the global economy remains fragile.

Financial services stocks were down amid the nervousness over interest rates. Citigroup was down 3/4 at 72.

The nation’s largest retailers released mostly better than expected sales figures for April. But Wal-Mart was down 1 15/16 at 43 1/18.

Declining issues outnumbered advancers by a 4-to-3 margin on the New York Stock Exchange, where volume came to 121.98 million shares, up from Wednesday’s pace.

The NYSE composite index was down 1.99 at 638.55, and the American Stock Exchange composite index was up 1.85 at 787.34.

Overseas, Japan’s Nikkei stock average rose 3.59 percent. In afternoon trading, Germany’s DAX index was down 0.04 percent, Britain’s FT-SE 100 was down 0.79 percent, and France’s CAC-40 was down 0.38 percent.

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