Stocks Mostly Higher; Dow Up 32.88
Feb. 17, 1998
NEW YORK (AP) _ Stocks were mostly higher in the early afternoon, but fell from morning highs brought on by profit-takers eager to cash in on last week's rally.
The Dow was up 32.88 at 8,402.98 at 2 p.m., the fifth straight day the blue-chip index has been at record levels. Earlier, the market had made a 76-point gain.
Broad-market indexes were mostly higher, with the NYSE composite index at a record high.
Strength overnight in most Asian and European markets helped send stocks higher in New York. There were gains in key market indicators in Japan, Indonesia, Malaysia, Thailand, Germany and London.
In addition, stocks were lifted by a weaker-than-expected report on industrial production. The Federal Reserve Board reported that output at the nation's factories, mines and utilities was flat last month.
``The industrial production report told us the economy is not too cold, not too hot, but just right,'' said Alfred Goldman, director of market analysis at A.G. Edwards & Sons. Inc. in St. Louis.
But early morning gains were slowly erased as investors cashed in on last week's big surge on Wall Street. The Dow soared to record levels in four-straight sessions last week, its first time in record territory in six months. U.S. financial markets were closed Monday for a national holiday.
Advancing issues outnumbered decliners by a 10-to-9 margin on the New York Stock Exchange, where volume came to 403.17 million shares, up from 376.74 million shares on Friday.
The Standard & Poor's 500 list was up 2.72 at 1.022.81, the NYSE composite index was up 1.64 at 532.92 and the American Stock Exchange composite index was down 1.68 at 687.20.
The Nasdaq composite index was down 3.36 at 1,707.06, dragged down by weakness in Applied Materials and Microsoft.