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Tuesday, Aug. 11, 1998
Stocks slide in lackluster session
Dow overcomes early drop but fails to keep three-session winning streak going
Associated Press
NEW YORK -- Stocks fell Monday, halting a modest recovery from last week's selloff, in a sleepy session offering few clues on the economic uncertainties hanging over the market.
The Dow Jones industrial average closed with a loss of 23.17 at 8,574.85 despite overcoming an early 54-point drop and gaining as much as 37 points during the afternoon.
The small downturn snapped a three-session winning streak for the Dow, which had regained 110 points in the aftermath of last Tuesday's 299-point plunge.
Even so, the unusually quiet tone of Monday's trading indicates that the market is continuing to recover from the volatile swings of the past three weeks, which have left the Dow 763 points below July 17's record of 9,337.97.
``It's part of the stabilization process after a big decline. There's usually testing, both to the upside and to the downside,'' said Arnold Kaufman, a market analyst at Standard & Poor's, suggesting that a weaker showing among smaller-company shares may have undermined Monday afternoon's turnaround bid.
The Standard & Poor's 500 fell 6.31 to 1,083.14, and the technology-heavy Nasdaq composite index fell 7.56 to 1,839.21.
Declining issues outnumbered advancers by a 2-to-1 margin on the New York Stock Exchange, where volume reached 572.63 million shares as of 4 p.m., easing sharply from last week's frenzied pace.
The NYSE composite index fell 3.78 to 545.72, and the American Stock Exchange composite index fell 4.27 to 679.80.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web