Stock prices opened slightly lower today, the first day of tradin
Sep. 05, 1989
NEW YORK (AP) _ Stock prices opened slightly lower today, the first day of trading following the long Labor Day weekend.
The Dow Jones average of 30 industrial stocks was down 0.38 at 2,751.71 at 10 a.m. on Wall Street.
Among broader market barometers, the New York Stock Exchange composite index of all listed issues fell 0.17 to 196.20. On the American Stock Exchange, the market value index fell 0.11 to 383.85.
Declining NYSE issues led advances slightly after the first 30 minutes of trading, with 519 down, 450 up and 485 unchanged.
Volume on the Big Board totaled 19.86 million shares.
Last week, the Dow average soared to new highs amid an upbeat attitude about the nation's economy. Several reports showed continued economic strength, including the August employment report, which buoyed market sentiment.
The news indicated that the economy isn't slowing as much as expected, which has raised fears that the Federal Reserve may raise interest rates instead of lowering them.
On Friday, the Dow industrials rose 14.82 to a new high of 2,752.09, surpassing the previous peak of 2,743.36 reached a week ago and bringing its gain for last week to 19.73 points.
Advancing issues outnumbered declining ones Friday by about 9 to 5, with 897 up, 498 down and 561 unchanged. Volume on the floor of the Big Board came to 133.30 million shares, down from 143.42 million on Thursday.
The nation's financial markets were closed on Monday for the Labor Day holiday.