Stocks End Up; Dow Gains 52.56
Apr. 29, 1998
NEW YORK (AP) _ Blue-chip stocks halted a week-long slump today, recording modest gains in quiet trading before some key economic data due Thursday.
The Dow Jones industrial average rose 52.56 points to close at 8,951.52, according to preliminary calculations, snapping a five-session, 285-point slide that followed last Tuesday's record close of 9,184.94.
The broad market posted modest gains for the second straight session, recovering more of the ground lost in Monday's steep slide.
With investors still smarting from Monday's revelation that the inflation watch has taken center stage again at the Federal Reserve, no big moves were expected before Thursday's report on employment costs _ which typically account for two-thirds of a product's price.
Monday's selloff, which chopped 147 points off the Dow, was spurred by reports that Fed officials have shifted from their recent bias toward possibly cutting interest rates to stimulate the economy. Instead, the central bankers are apparently considering a rate hike to contain inflationary pressures by slowing the economy.
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.