Newspaper article THE JOURNAL RECORD

Blue Chips Pull out of Slump but Broad Range Closes Mixed

Newspaper article THE JOURNAL RECORD

Blue Chips Pull out of Slump but Broad Range Closes Mixed

Article excerpt

NEW YORK (AP) _ Blue chips snapped out of a four-session slump Monday but the broad range of other stocks started the week with an indecisive session.

Worries about higher interest rates ahead of a Federal Reserve credit policy meeting Tuesday kept investors on edge and made for a mixed day on Wall Street.

The Dow Jones industrial average, which zigzagged between modestly higher and lower readings during most of the session, gathered upward momentum in late action to close near its best reading. It rose 17.49 to 3,849.24 after shedding more than 100 points during last week's extended sell-off.

Several other market indicators heavily weighted with New York Stock Exchange listings also advanced. The NYSE composite index rose 0.58 to 254.39 and Standard Poor's 500 stock index advanced 1.15 to 460.82.

Volume on the NYSE floor as of 4 p.m. eased to 270.82 million shares from 297.58 million Friday.

Despite the gains in the gauges, there was a feeling among market observers that stocks remain vulnerable to selling.

The trend on the Big Board, where declining issues outnumbered advances by about 7 to 6, seemed to reflect that view.

"Certainly the broad market direction is still down. Frankly, this could be a pretty wild week," said John H. Shaughnessy, director of research for Advest Inc.

The dominant theme in the financial markets was interest rates. Investors have been assessing the chances that the central bank's policy-setting panel will hoist rates another notch in a bid to keep inflation at bay.

Even if the Federal Open Market Committee doesn't announce a rate increase after its meeting, there has been speculation that higher rates loom in the near future.

Economic news released Monday contained nothing to change widely held perceptions about growth and thus didn't have much impact on stocks. …

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