Stocks Turn Mixed After Early Decline

A big drop in Union Carbide is depressing the Dow.
Publish date:

The major market barometers were mixed at midmorning.

The Dow was down 55 to 10,142.

Union Carbide


was the biggest drag on the Dow. It was off 3 to 48 3/8, and accounted for 13 points in the average's decline.

The S&P 500 was down 1 to 1343. The Nasdaq Comp was up 12 to 2585.

The small-cap

Russell 2000

up fractionally at 400. Internet Sector

index was up 15 to 726. E-Commerce Index

was up 4 to 133.

The 30-year Treasury bond was up 6/32 to 97 12/32, yielding 5.43%.

On the economic front, the overall

Producer Price Index

rose 0.2% while the core PPI, which excludes food and energy prices, was unchanged, the

Labor Department


Scott Curtis, senior equity trader at

Brown Brothers Harriman

, said he thought today's market decline was just a pause in an ongoing rally.

The fundamentals are still intact and today's PPI report was helpful for stocks, Curtis noted.

Transportation, oil-service and gold mining stocks were notable gainers.


Dow Jones Transportation Average

was up 1%, while the

Philadelphia Stock Exchange Oil Service Index

was up fractionally. The

Philadelphia Stock Exchange Gold and Silver Index

has jumped 2%.

Brokerage stocks continued on their torrid pace. The stocks have surged lately on expectations that brokers next week will report strong earnings. A host of brokerage firms are slated to report quarterly results next week. The

American Stock Exchange Broker/Dealer Index

was up 3%.

On the

New York Stock Exchange

, decliners were beating advancers 1,369 to 1,100 on 197 million shares. On the Nasdaq, losers were leading winners 1,542 to 1,540 on 313 million shares.

On the NYSE, 42 issues had set new 52-week highs while 31 had touched new lows. On the Nasdaq, 72 issues had set new highs while new lows totaled 35.

On the Big Board,



was most active, with 5 million shares changing hands. It was up 5/8 to 30 1/4.

On the Nasdaq,


(DELL) - Get Report

was most active, with 8 million shares changing hands. It was down 1/2 to 44 7/16.

9:59 a.m.: Stocks Slightly Lower After Thursday's Record Closes

In the wake of

yesterday's record closes by the

Dow Jones Industrial Average


S&P 500


Nasdaq Composite Index

, the market's major gauges were slightly softer early on.

The Dow was down 6 to 10,192. The S&P 500 was down fractionally at 1344. The Nasdaq Comp was down 1 to 2573. The

Russell 2000

was down fractionally at 400. Internet Sector

index was up 7 to 717. E-Commerce Index

was down fractionally at 128.

The 30-year bond was up 7/32 to 97 12/32, yielding 5.43%. The overall

Producer Price Index

rose 0.2% in March, while excluding food and energy costs, it was unchanged.

Most Up at Open -- NYSE

Sprint (FON) , up 3 3/4 to 112 1/2


Most Up at Open -- Nasdaq (TGLO) , up 17 to 76

: The company set a 2-for-1 stock split.

Most Down at Open -- NYSE

Wal-Mart (WMT) - Get Report, down 1 3/4 to 100 1/2


Most Down at Open -- Nasdaq

Vitesse Semiconductor (VTSS) , down 7 7/8 to 49 3/4