Stocks Fall; Dow Down 30.39
May. 26, 1998
NEW YORK (AP) _ Stocks turned lower today after an early bounce as investors resumed the cautious stance that has dominated trading for weeks.
At 2 p.m. on Wall Street, the Dow Jones industrial average was down 30.39 at 9,084.05, extending a two-session slide into the extended holiday weekend. An early 54-point gain had put the blue-chip barometer within 50 points of May 13's closing record of 9,211.84.
Broad-market indicators also gave back some modest opening gains.
The technology-heavy Nasdaq composite index _ mired in a three-session, 40-point losing streak _ was down 9.07 at 1,795.93, and the Standard & Poor's 500 index was down 3.95 at 1,106.52.
Declining issues outnumbered advancers by a 7-to-4 margin on the New York Stock Exchange, where volume came to 334.35 million shares, up slightly from Friday's lackluster pace.
The NYSE composite index was down 2.47 at 572.31, and the American Stock Exchange composite index was down 5.58 at 724.99.
Overseas, Tokyo's Nikkei stock average rose 0.6 percent, Frankfurt's DAX index rose 1.2 percent and London's FT-SE 100 rose 0.3 percent.
There were two reports this morning bolstering hopes that the economic pace may be easing enough to keep inflationary pressures in check without a boost in interest rates by the Federal Reserve.
The Conference Board research group reported that consumer confidence fell slightly in May, although the monthly reading was stronger than analysts expected.
The National Association of Realtors reported that home resales in the United States fell in April, sliding 2.5 percent from a record level in March.