Newspaper article THE JOURNAL RECORD

Stock Drift Mostly Lower

Newspaper article THE JOURNAL RECORD

Stock Drift Mostly Lower

Article excerpt

NEW YORK (AP) _ The stock market drifted to a mostly negative finish Tuesday as a subdued post-holiday atmosphere prevailed on Wall Street.

Weakness in the bond market undermined interest in buying equities as did apprehension ahead of economic data due this week.

The Dow Jones industrial average ended almost in neutral, up 1.23 at 3,758.37, after managing to dig out of a shallow hole in the afternoon.

Market performance measures mainly comprising New York Stock Exchange-listed issues closed with deficits. The NYSE composite index fell 0.55 to 252.24 and Standard Poor's 500 stock index lost 0.83 to 456.50.

Losers outnumbered gainers by about 3 to 2 on the Big Board where the trading pace crawled. Volume on the NYSE floor came to 215.61 million shares as of 4 p.m., compared to 186.41 million on Friday. Some market participants apparently extended their holidays; U.S. financial markets were closed Monday for Memorial Day.

Smaller stocks had a similarly unexciting session. The Nasdaq Stock Market composite index edged 2.05 higher to 735.19. At the American Stock Exchange, the market value index fell 0.49 to 440.45.

Many investors also remained inactive while awaiting a series of economic reports. Among the scheduled items that could influence stock trading, the National Association of Purchasing Management on Wednesday will issue its report on the manufacturing sector for May while the Labor Department will release May's employment situation figures on Friday.

Economic numbers released Tuesday didn't provoke much of a response in the markets.

The Commerce Department said Americans' income rose a moderate 0.4 percent in April while spending slipped 0.1 percent. Separately, the government said new home sales fell 6.8 percent in April while a private business research group, the Conference Board, said its index of consumer confidence slipped to 87. …

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