Most Stocks Close Lower After Erasing Midday Gains
As the stock market hobbles further away from
Friday's rally, so does the optimism that went with that eye-popping romp higher.
The
Dow Jones Industrial Average
was the only major market gauge to end above water.
Stocks opened lower in part after the
Bank of England
pulled a surprise interest-rate hike. Late in the morning most major stock proxies had managed to turn around and climb into the green, gains that lasted into the early afternoon. Market players were relieved that
Fed
Chairman
Alan Greenspan
, in a
speech today, didn't say anything the market could take negatively. However, the peek into positive territory didn't last and the slight gains of the session were surrendered by early afternoon.
Some of the blame for the afternoon slump fell on comments in a speech delivered by Fed Governor
Laurence Meyer
, which some in the market saw as hawkish.
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On the
New York Stock Exchange
, decliners trounced advancers 1,758 to 1,169 on 783.3 million shares. On the
Nasdaq Stock Market
, losers defeated winners 2,257 to 1,608 on 995.2 million shares.
On the NYSE, 90 issues set new 52-week lows while 58 touched new highs. On the Nasdaq, 137 issues set new 52-week highs while new lows totaled 84.
On the Big Board,
Micron Technology
(MU)
was most active with 11.8 million shares changing hands. Micron Technology was off 4 1/8, or 5.2%, to 75 1/2.
On the Nasdaq,
Global Crossing
(GBLX)
was most active with 41.8 million shares changing hands. It was up 5 7/16, or 26.9%, to 25 9/16. Global Crossing,
Softbank
and
Microsoft
(MSFT)
have established a new joint venture company called
Asia Global Crossing
that will provide network-based telecommunications services throughout Asia.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
Earlier...
3:03 p.m.: Stocks Remain Stuck in Negative Territory
Stocks flopped into the final hour of trading, with the
Dow Jones Industrial Average
holding up the best among major stock proxies.
2:02 p.m.: Stocks Slip Back Into the Red
Major market barometers -- after most of them rose into positive territory in the waning moments of the morning -- were back in negative territory this afternoon.
1:23 p.m.: Midday Musings: Greenspan Relief Turns to Meyer Agita as Market Watches Fed
11:44 a.m.: Stocks Climb Into the Black
Most major market barometers woke up a little bit this morning after spending most of the morning asleep in the red.
10:58 a.m.: Rate Concerns Depress Stocks
Traders are looking at another down day, with most major stock proxies slumping this morning as interest-rate jitters were again preying on the market.
10:00 a.m.: Stocks Open Lower Amid Rate Jitters
Stocks were softer early on as interest-rate concerns continued to depress the market, notably in the wake of the
Bank of England's
rate increase.
