Wall Street Stocks Mixed
Jun. 09, 1998
NEW YORK (AP) _ Stocks were mixed in quiet trading today, with blue-chip shares sagging after three straight winning sessions.
At 11 a.m. on Wall Street, the Dow Jones industrial average was down 32.39 at 9,037.21 after surrendering an early 17-point gain.
The Dow rose 265 points the past three sessions, moving back within range of May 13's record close at 9,211.84.
Broad-market indicators were mixed this morning, with smaller-company shares holding up better than the blue chips.
With no major economic reports scheduled for a second straight day, many traders were hanging to the sidelines in advance of Wednesday's congressional appearance by Federal Reserve chairman Alan Greenspan.
Analysts will be looking for clues as to whether the Fed might raise the central bank's key lending rates to ease inflationary pressures by slowing the economy.
The Standard & Poor's 500 index was down 1.78 at 1,113.93, and the technology-heavy Nasdaq composite index was up 3.13 at 1,790.90.
Declining issues outnumbered advancers by a 9-to-7 margin on the New York Stock Exchange, where volume came to 167.74 million shares, up slightly from Monday's early tally.
The NYSE composite index was down 0.71 at 576.11, and the American Stock Exchange composite index was up 1.24 at 714.93.
Overseas, Tokyo's Nikkei stock average rose 1.5 percent. In afternoon trading, Frankfurt's DAX index was down 0.2 percent and London's FT-SE 100 was down 0.3 percent.