Newspaper article THE JOURNAL RECORD

Blue Chips Rise, but Broader Barometers Fall

Newspaper article THE JOURNAL RECORD

Blue Chips Rise, but Broader Barometers Fall

Article excerpt

NEW YORK (AP) -- The Dow Jones industrial average struggled to another new high, but most stock measures dipped Tuesday as investors secured some profits from the market's stunning rebound of recent weeks.

The Dow pulled back into positive territory just before the close, rising 10.83 to 7,225.32 after surrendering an afternoon gain of 55 points.

Broader indicators edged lower on heavy volume, with the technology-laden Nasdaq market snapping a six-session winning streak. "With the explosive gains over the past six days or so, it's normal to see some profit-taking," said Steven Goldman, market strategist at Weeden & Co. of Greenwich, Conn. "To expect that type of explosive mood to continue, one would have to be extremely bullish." The number of advancing issues was about even with decliners on the New York Stock Exchange, where volume totaled 601.30 million shares as of 4 p.m., the seventh busiest day in NYSE history. The Standard & Poor's 500 list -- up nearly 65 points, or 8.5 percent, over the previous six sessions -- fell 2.48 to 827.76, and the NYSE composite index fell 0.66 to 430.77. Both measures closed at record highs in Monday's rally. The Nasdaq composite index, which rose more than 5 percent in the prior two sessions and nearly 11 percent in the previous six, fell 10.94 to 1,328.30. Among the bellwether technology issues that led the recent Nasdaq advance, Cisco Systems fell 1c to 57 3/4, and Intel fell 4 1/2 to 158. Intel's stock was hurt by reports of a possible flaw in its new Pentium II microprocessor. The Russell 2000 list of smaller companies fell 0.70 to 361.73, and the American Stock Exchange composite index fell 2.07 to 570.51. Stocks surged Monday in a dramatic climax to the market's lightning-quick rebound from its recent downturn. The Dow, which slid nearly 700 points in that selloff, surged by 143 points, shooting above 7,200 for the first time. …

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