Stocks Move Higher; Dow Up 62.03
Apr. 29, 1998
NEW YORK (AP) _ Stocks rose today, repairing some of the damage from Monday's sharp pullback.
At noon on Wall Street, the Dow Jones industrial average was up 62.03 at 8,960.99.
Broad-market indexes were also posting sizable gains as trading mellowed after two sessions of volatile swings.
On Tuesday, stocks were mostly higher, but the blue-chip sector retreated after an early bounce. The Dow briefly wiped out more than half of Monday's 147-point slide, but finished with an 18-point loss.
No sharp moves were expected today with investors awaiting Thursday's key reading on employment costs, which typically account for two-thirds of a product's price.
Monday's selloff was triggered by reports that Federal Reserve is no longer mulling a cut in interest rates to stimulate the economy, and may even boost rates to contain inflationary pressures.
Advancing issues outnumbered decliners today by a 3-to-2 margin on the New York Stock Exchange. NYSE volume came to 286.58 million shares, easing slightly from the hectic pace seen Monday and Tuesday.
The Standard & Poor's 500 list was up 6.28 at 1,091.39, and the NYSE composite index was up 3.56 at 567.12.
The Nasdaq composite index was up 15.43 at 1,847.21, and the American Stock Exchange composite index was up 3.77 at 736.65.
Overseas, Frankfurt's DAX index rose 1.8 percent and London's FT-SE 100 rose 0.5 percent. Japanese financial markets were closed for a holiday.