Stock prices hovered in a narrow range today as the market's J
Jul. 17, 1989
NEW YORK (AP) _ Stock prices hovered in a narrow range today as the market's July rally flattened out.
While the market gained ground in each of the first nine sessions of July through the end of last week, the debate intensified over when the advance might be due for at least a brief pause.
But analysts said that mood of skepticism actually served to keep the rally going for a while, by keeping the flow of potential buying power into stocks at a slow but steady pace.
Brokers said the new week began with an added element over caution over the impending monthly report Tuesday on the nation's international balance of trade.
The data for May are expected to show an increase in the trade deficit to $9 billion or more from $8.3 billion in April.
The Dow Jones average of 30 industrials, up 114.76 from the end of June through last Friday's close, slipped back 1.33 to 2,553.49.
Advancing issues nosed out declines on the New York Stock Exchange, with 752 up, 718 down and 502 unchanged.
Big Board volume totaled 131.96 million shares, against 183.48 million in the previous session.
The NYSE's composite index gained .31 to 185.37.