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Stocks Close Mostly Lower Amid Bond Market Weakness

Strategic Insights

— 2 min read

The stock market experienced a slight pullback Tuesday, despite a bounce in overseas markets and strength in economically sensitive issues. The Dow Jones industrial average slid 0.29 points to 3906.03, while the Standard & Poor's 500-stock index eased 0.71 to 471.05. Treasury securities ended lower, and the U.S. dollar finished mixed. The market's slight decline was attributed to further weakness in bond prices and anxiety about the upcoming inflation report, which could prompt the Federal Reserve to raise interest rates.

Key Takeaways:

  • The Dow Jones industrial average slid 0.29 points to 3906.03, a slight decrease from Monday's close.
  • The Standard & Poor's 500-stock index eased 0.71 to 471.05, also experiencing a slight decline.
  • Treasury securities ended lower, with the 30-year bond dipping 24/32 to 97 14/32.
  • The U.S. dollar finished mixed, trading at 1.7635 German marks and 108.65 Japanese yen.
  • Advances edged declines 1,146-930 among the 2,671 issues crossing the NYSE tape.
  • RJR Nabisco Holdings paced the Big Board actives, easing to 7.
  • Telefonos de Mexico was third, gaining 1 to 75 in tandem with the Mexican stock market's rally to record heights.

Statistics:

  • 318,180,000 shares traded on the NYSE, a decrease from the 348,270,000 traded in the same period Monday.
  • The average price of a share shed 1 cent.
  • The NYSE composite index slid 0.05 to 261.96.
  • The Amex Market Value Index edged up 0.84 to 477.68.
  • Advances led declines 319- 304 on the Amex.
  • The Nasdaq composite index gained 3.50 to 782.70.
  • Advances edged declines 1,291-1,029 among the 3,389 issues traded.

Sources:

  • UPI Business Writer, NEW YORK Stocks closed mostly lower in active trading Tuesday as strength in technology and economically sensitive issues fell short of overcoming the pressure from continued weakness in bond prices. (Source: UPI Business Writer)
  • The New York Stock Exchange composite index slid 0.05 to 261.96, while Standard & Poor's 500-stock index eased 0.71 to 471.05. (Source: UPI Business Writer)
  • The dollar changed hands at 1.7635 German marks and 108.65 Japanese yen, compared with 1.7590 marks and 108.70 yen late Monday. (Source: UPI Business Writer)
  • The bellwether 30-year Treasury bond, which fell 12/32 Monday to yield 6.39 percent, dipped another 24/32 to 97 14/32. (Source: UPI Business Writer)
  • The Semiconductor Industry Association reported the semiconductor industry's key measurement of U.S. market orders compared to shipments -- its book-to-bill ratio -- improved in January to 1.07 from 1.04 in December. (Source: Semiconductor Industry Association)

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