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Wall Street Stocks Mixed

June 9, 1998

NEW YORK (AP) _ Stocks were mixed today in lackluster trading, with blue-chip shares sagging after three straight winning sessions.

At noon on Wall Street, the Dow Jones industrial average was down 16.19 at 9,053.41, recovering from a 55-point loss after surrendering an early 17-point gain.

The Dow rose 265 points the past three sessions, moving back within range of May 13′s record close at 9,211.84.

Broader stock indexes were positive at midday, but declining issues outnumbered advancers overall.

With no major economic reports scheduled for a second straight day, many traders were hanging to the sidelines in advance of Wednesday’s congressional appearance by Federal Reserve chairman Alan Greenspan.

Analysts will be looking for clues as to whether the Fed might raise the central bank’s key lending rates to ease inflationary pressures by slowing the economy.

American Express was down 1 13/16 at 107 3/16 as the Dow’s biggest decliner after gaining 4 1/2 points on Monday to lead the blue-chip barometer. Merck padded Monday’s big gain, rising 2 7/16 to 123 15/16 to cushion the Dow.

The Standard & Poor’s 500 index was up 1.04 at 1,116.76, and the technology-heavy Nasdaq composite index was up 7.75 at 1,795.52.

Declining issues outnumbered advancers by a 5-to-4 margin on the New York Stock Exchange, where volume came to 247.22 million shares, up slightly from Monday morning’s tally.

The NYSE composite index was up 0.30 at 577.12, and the American Stock Exchange composite index was up 1.39 at 715.08.

Overseas, Tokyo’s Nikkei stock average rose 1.5 percent, Frankfurt’s DAX index fell 0.2 percent and London’s FT-SE 100 fell 0.3 percent.

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