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Stocks Fall; Dow Down 26.91

June 30, 1998

NEW YORK (AP) _ Stocks pulled back this morning amid some mild profit-taking on the record-setting rally of the past two weeks.

At 11 a.m. on Wall Street, the Dow Jones industrial average was down 26.91 at 8,970.45 after making a fleeting foray above 9,000 for the fourth session in a row.

The Dow has risen five straight sessions, gaining 286 points, as money managers dressed up their portfolios with popular blue-chip names for their quarterly reports to shareholders.

Broader indicators were also posting small losses today, with the technology sector drawing the most selling pressure after posting the biggest gains over the past two weeks.

Investors continued to pay little attention to the two-day meeting at the Federal Reserve that began this morning.

While domestic business activity remains brisk _ a report this morning showed that consumer confidence rose in June to a new 29-year high _ most analysts are convinced the Fed won’t try to protect against inflation by slowing the economy with higher interest rates.

The Standard & Poor’s 500 index, which has closed at record highs in three of the past four sessions, was down 1.43 at 1,137.05. The technology-heavy Nasdaq composite index, which has surged more than 10 percent over the past two weeks, was down 5.26 at 1,885.81.

Declining issues outnumbered advancers by a 7-to-6 margin on the New York Stock Exchange, where volume came to 168.69 million shares, on par with the lackluster pace of the past two sessions.

The NYSE composite index was down 0.43 at 579.74, and the American Stock Exchange composite index was down 2.93 at 717.88.

Overseas, Tokyo’s Nikkei stock average rose 3.0 percent. In afternoon trading, Frankfurt’s DAX index was down 0.3 percent and London’s FT-SE 100 was down 0.8 percent.

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