Newspaper article THE JOURNAL RECORD

Dow Closes Short of All-Time Record

Newspaper article THE JOURNAL RECORD

Dow Closes Short of All-Time Record

Article excerpt

NEW YORK (AP) _ Stock buyers took a break Tuesday, stalling the market's advance toward record levels.

The Dow Jones industrial average eased slightly to finish at 3,937.39, off 0.34, after having marched steadily closer to its all-time high of 3,978.36 over the five previous sessions.

Late buying propped up the market, allowing the Dow industrials and broader indicators to finish with only minor losses.

Gainers led losers by about 9 to 7 on the New York Stock Exchange where trading was active. Volume on the Big Board's floor amounted to 314.61 million shares as of 4 p.m. Eastern time, down from 325.61 million Monday.

The New York Stock Exchange composite index dipped 0.11 to 261.64 and Standard Poor's 500 stock index declined 0.33 to 480.81.

The Nasdaq Stock Market composite index ended near the break-even point, at 778.97, up 0.12. The American Stock Exchange market value index also closed almost unchanged at 443.14, up 0.02.

Analysts said a string of winning sessions on Wall Street had elevated stock prices to levels that provoked limited profit-taking. It was encouraging, analysts said, that the market didn't encounter significant selling.

"The market rested," said Oded Levy, head of the trading desk at Genesis Merchant Group."I think it is very healthy. All the worries about interest rates are over. I think the next move for the market is up."

In the absence of any sensitive economic news, the market lacked direction. It failed to derive much strength from bonds, which moved solidly higher in early trading only to lose ground later in the day.

The main 30-year Treasury bond, which was up about point at midday, clung to a tiny increase of 3-32 point in late trading. Its yield hovered around 7.64 percent, or only slightly below late Monday's level of 7.65 percent.

Bonds got an early boost from reports that Federal Reserve Governor John LaWare suggested the central bank might be close to concluding the tightening phase of its monetary policy. …

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