Dow Gains 19 in Early Trading
Jan. 05, 1998
NEW YORK (AP) _ Stock prices are higher in moderate trading. The Dow Jones industrial average is up 19 points in today's early going. Gainers on the New York Stock Exchange hold a 4-3 lead over losers.
The Nasdaq Composite Index has gained five points and the Standard & Poor's 500 Stock Index is ahead one point.
Stocks are facing some cross-currents today, and analysts expect the market to struggle to make any big moves.
One trouble spot is the corporate earnings arena, after a warning from a high-profile high-technology company.
Netscape Communications says it expects to post a loss for its fourth quarter, due partly to the economic troubles in Asia.
Additionally, Asian stock markets were mostly lower today, as several of the regional currencies plunged against the dollar.
But the interest rate outlook is providing some strength for equities. And that, coupled with some seasonal factors should help the market keep the gains it made last week.
Analysts say the Treasury market got a boost from weekend comments by Fed Chairman Alan Greenspan, who suggested price deflation is not a significant near-term threat.