Newspaper article St Louis Post-Dispatch (MO)

Stocks Ride Seesaw; Semiconductors Climb

Newspaper article St Louis Post-Dispatch (MO)

Stocks Ride Seesaw; Semiconductors Climb

Article excerpt

Stocks closed mixed Thursday as traders took advantage of a record-setting surge to lock in gains before today's release of the April employment report.

Semiconductor and financial shares were the big winners in a day when major indexes swung widely. The Dow industrial average jumped as much as 37, topping 4400 for the first time, then fell as much as 25.6 before closing down 13.49. It was the seventh most active day ever on the NYSE, with 435 million shares changing hands.

Thursday morning the market soared to all-time highs as an unexpected rise in weekly filings for unemployment benefits sustained hopes of an economic slowdown that would contain inflation but not corporate earnings. Some people used the gain as an opportunity to lock in their gains before the jobs report, traders said.

The retreat accelerated as four rounds of computer-guided "sell" orders hit the market in midafternoon, according to Birinyi Associates Inc. The orders cut more than 40 points off the Dow. …

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