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Dow Slips 22; Nasdaq Gains 5

July 13, 1998

NEW YORK (AP) _ Stocks opened mostly lower today amid concerns that the election defeat of Japan’s ruling party and may derail efforts to pull that nation out of recession.

At 10 a.m. on Wall Street, the Dow Jones industrial average was down 22.92 at 9,082.82.

Most broad-market indicators also started out weak, but the technology-heavy Nasdaq composite index was up 5.31 at 1,948.35, pushing farther into record terrain despite late Friday’s profit warning from Applied Materials.

Most Asian markets slumped today after a poor showing by the Liberal Democratic Party in Sunday’s elections prompted the resignation of Prime Minister Ryutaro Hashimoto.

Singapore’s key stock index tumbled 3.4 percent and Thai stocks fell 2.7 percent.

Japanese stocks initially fell, but then rebounded, boosting the Nikkei stock average 1.7 percent, amid hopes that the new government would continue economic reforms seen as crucial to any recovery for the battared Asian economy.

In early U.S. trading, the Standard & Poor’s 500 index was down 3.05 at 1,161.28.

Declining issues outnumbered advancers by nearly a 6-to-5 margin on the New York Stock Exchange, where volume came to 64.80 million shares, almost even with Friday’s early pace.

The NYSE composite index was down 1.61 at 590.57, and the American Stock Exchange composite index was down 0.62 at 730.04.

Overseas, Frankfurt’s DAX index was up 0.3 percent and London’s FT-SE 100 was up 0.3 percent.

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