You can't keep a good market down.
Or so it seems with the
Dow Jones Industrial Average
, which fell after the opening bell on investor worries about a weaker dollar, a sagging bond market and nervousness over
Fed Chairman Alan Greenspan's
congressional testimony later this week.
But the down period lasted roughly half an hour and then the market leaped solidly into positive territory. The bond market also turned upward.
Investors used the soft market as an opportunity to buy blue-chips, such as
, both of which climbed.
In other market news,
said it expects its first-quarter sales will climb 50% above the year-earlier levels. The stock was up a bit although Converse also reported a fourth-quarter loss.
Brown Brothers Harriman
to near-term buys, despite their already lofty prices. All three rose slightly.
Credit Suisse First Boston
released its two stocks of the week --
. While both initially were off in early-morning trading, they most recently had at least small gains.
Finally, for those considering whether now might be a good time to become a vegetarian comes this news. The
Department of Agriculture
projects flat beef production this year, followed by declines in 1998 and 1999. The culprit: falling cattle inventories.
By Erle Norton