Stocks Move Higher; Dow Up 10.77
Jul. 15, 1999
NEW YORK (AP) _ Stocks were modestly higher today, pulling back from an early surge that lifted the Dow Jones industrials into record terrain.
At 11 a.m. on Wall Street, the Dow was up 10.77 at 11,158.87. An early 70-point gain had briefly erased the Dow's 53-point drop over the past two sessions and boosted the blue-chip barometer above Monday's closing record of 11,200.98.
Broader stock indicators also retreated from their opening gains, which came amid further evidence that the economy's surprising strength still hasn't sparked rapid inflation.
Before the start of trading, the Labor Department reported that consumer prices held steady in June for the second straight month _ the best showing since back in 1986, when prices actually fell three months in a row.
Economists had been expecting slight rise of 0.1 percent in the consumer price index. The data, which followed Wednesday's report that prices at the wholesale level fell 0.1 percent last month, should calm fears about higher interest rates that intensified after a jump in retail and wholesale prices in April.
Among other popular market measures, the Nasdaq composite index was down 2.27 at 2,815.86 after rising nearly 40 points on Wednesday to a record high.
The Standard & Poor's 500 index was up 4.23 at 1,402.40, flirting with last Friday's closing record of 1,403.28.
Advancing issues outnumbered decliners by a 4-to-3 ratio on the New York Stock Exchange, while Nasdaq gainers led by a smaller margin. NYSE volume came to 258.06 million shares, picking up from Wednesday's pace.
The NYSE composite index was up 3.44 at 658.34, and the American Stock Exchange composite index was up 2.56 at 815.56.