Stocks Finish Mostly Lower in Quiet Trading as Bond Prices Weaken

Strategic Insights -

Stocks on Wall Street experienced a lackluster start to the new year, with the Dow Jones industrial average edging up 2.51 points to 3756.60, despite solid gains in two Dow components: Aluminum Co. of America and Chevron. The New York Stock Exchange composite index eased 0.81 to 258.27, while Standard & Poor's 500-stock index fell 1.01 to 465.44. The price of an average share lost 11 cents. Declines topped advances 1,298-882 among the 2,689 issues crossing the NYSE tape.

Key Takeaways:

  • Stocks on Wall Street experienced a mixed opening, with the Dow Jones industrial average edging up 2.51 points to 3756.60.
  • The New York Stock Exchange composite index eased 0.81 to 258.27, indicating a slight decline in overall market performance.
  • Solid gains in Aluminum Co. of America and Chevron contributed to the Dow's slight increase, with both stocks rising 1 point each.
  • The price of an average share lost 11 cents, highlighting the slight decline in market value.
  • Declines topped advances 1,298-882 among the 2,689 issues crossing the NYSE tape, indicating more losing trades than winning trades.
  • The Nasdaq composite index dropped 6.04 to 770.76, while the average price of an Amex share was unchanged.
  • MCI Communications led the Nasdaq actives, edging up to 28, while Echo Bay Mines led the Amex actives, climbing 1 to 14.

Statistics:

  • Dow Jones industrial average: 3756.60 (up 2.51 points)
  • New York Stock Exchange composite index: 258.27 (down 0.81 from previous day)
  • Standard & Poor's 500-stock index: 465.44 (down 1.01 from previous day)
  • Average share price: 11 cents lower
  • Declines: 1,298 (topped advances)
  • Advances: 882
  • NYSE tape: 2,689 issues
  • Nasdaq composite index: 770.76 (down 6.04 from previous day)
  • Amex Market Value Index: 477.24 (up 0.09 from previous day)
  • Average Amex share price: unchanged
  • Composite volume: 19,749,205 shares (down from 20,376,905 on previous day)

Sources:

  • Wheat First Butcher & Singer, "Market Analysis" (cited in the article)
  • National Association of Purchasing Management, "NAPM Index" (cited in the article)
  • Commerce Department, "Construction Spending" (cited in the article)
  • Bloomberg, "Stock Market" (cited in the article)
  • Reuters, "Bond Market" (cited in the article)