Dow Up 8 in Morning Trading
Dec. 05, 1997
NEW YORK (AP) _ Stocks opened lower today and then turned mixed as investors began to shake off a strong employment report that pushed up interest rates in credit markets.
At 10 a.m. on Wall Street, the Dow Jones industrial average was up 8.95 at 8,059.11 _ as investors still were digesting the strong economic data released ahead of the opening bell.
Declining issues outnumbered advancers by a 9-to-5 margin on the New York Stock Exchange, where volume came to 60.13 million shares, down from Thursday's early pace.
Broad-market indicators were mixed.
The Standard & Poor's 500 list was up 2.41 at 977.51, less than 7 points shy of its Oct. 7 record close at 983.12.
The NYSE composite index was down 0.07 at 509.37, but still was within record terrain.
The Nasdaq composite index was down 3.76 at 1,609.66, and the American Stock Exchange composite index was down 0.50 at 665.30.
On Thursday stocks broke through some key barriers, but quickly gave back most of the day's gains as investors decided against acting too aggressively before a report as unpredictable as the monthly employment data.
The government said today that a burst of job growth across a wide range of businesses pushed the nation's unoyment rate to a 24-year low of 4.6 percent in November down from 4.7 percent the previous month.
Employers added a seasonally adjusted 404,000 workers to their payrolls, an even better gain than the robust 287,000 advance in October and was the largest since February 1996. The report was stronger than economists expected.
Overseas, Tokyo's Nikkei stock average rose 0.7 percent. In afternoon trading, Frankfurt's DAX index was 0.7 percent and London's FT-SE 100 was up 0.9 percent.