Stocks Retreat Amid Interest-Rate Jitters

In a reversal of Friday's gains, the US stock market retreated Monday as investors' fears about rising interest rates and the Fed's potential rate hike decision added to the market's anxiety. The Dow Jones industrial average fell 30.80 points, with Boeing, International Paper, and Minnesota Mining & Manufacturing experiencing losses. The market's recent leaders, the cyclical components, were also weighed down by profit-taking. The average price of a share lost 19 cents, and declines outpaced advances, with 1,550 stocks declining compared to 616 advancing.

Key Takeaways:

• The Dow Jones industrial average fell 30.80 points to 3864.85 on Monday, reversing Friday's gains.
• Boeing, International Paper, and Minnesota Mining & Manufacturing each lost 1 point to 46, 68, and 101, respectively.
• The New York Stock Exchange composite index fell 1.44 to 259.91, while Standard & Poor's 500-stock index slipped 2.52 to 468.54.
• The average price of a share lost 19 cents, and declines outpaced advances 1,550-616 among the 2,762 issues crossing the NYSE tape.
• Ricky Harrington, senior vice president and technical analyst at Interstate-Johnson Lane, attributed Monday's sell-off to anticipation of the Fed's potential rate hike decision and concerns over the direction of US interest rates.

Statistics:

• The Dow Jones industrial average fell 30.80 points to 3864.85.
• Boeing, International Paper, and Minnesota Mining & Manufacturing each lost 1 point to 46, 68, and 101, respectively.
• The New York Stock Exchange composite index fell 1.44 to 259.91.
• Standard & Poor's 500-stock index slipped 2.52 to 468.54.
• The average price of a share lost 19 cents.
• Declines outpaced advances 1,550-616 among the 2,762 issues crossing the NYSE tape.
• Final floor volume shrank to 247,390,000 shares from 462,240,000 in the same period on Friday.

Sources:

• Bloomberg News
• UPI Business Writer
• WSJ