Newspaper article THE JOURNAL RECORD

Stocks Close Mixed with Little Trading

Newspaper article THE JOURNAL RECORD

Stocks Close Mixed with Little Trading

Article excerpt

NEW YORK (AP) _ Stock prices were mixed Monday in one of the laziest sessions of the year, as traders found few insights on the economy and kept a close eye on the bond market.

The Dow Jones average of 30 industrials, which traded mostly lower throughout the day, closed up 5.04 points at 3,337.58 in the final minutes of trading. That small gain came after the Dow lost 61.60 points last week.

In the broader market, declining issues led advances by a ratio of about 7 to 6 on the New York Stock Exchange.

Volume on the Big Board was extremely light, with 142.45 million shares trading hands at 4 p.m. on the NYSE _ the second slowest session of the year.

The quietest session of 1992 was on March 20, when trading volume came to 134.17 million, the NYSE said. On Friday, 188.34 million shares changed hands.

There were no major economic reports released during the session to drive trading in either direction. On the corporate front, none of the day's developments seemed to affect the overall market.

Stock analysts instead were examining developments in the bond market following last week's strong rally, said Steven Van Brunt, assistant vice president for equity trading at Nikko Securities Co. International Inc.

Bond prices soared and yields fell after release of the July employment report, which showed the jobless rate fell slightly to 7.7 percent but said there was little overall growth in the economy.

A strong bond market makes stock analysts nervous because they believe investors may decide to shift their cash out of stocks and into bonds. Late in the day, the Treasury's 30-year bond was up point while its yield was down to 7.36 percent.

Deepening troubles in the Japanese stock market had little effect on U.S. markets, analysts said. In overnight Tokyo trading, the widely watched 225-issue Nikkei Stock Average plunged 451. …

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