|
Dow in slow motion
|
 |
November 10, 1998: 1:32 p.m. ET
Stocks drift aimlessly as investors refuse to cash in, or buy more
|
NEW YORK (CNNfn) - U.S. stocks remained stuck near unchanged levels in quiet afternoon trading Tuesday, as investors appeared tired from the market's recent run-up yet reluctant to take too much money out of the market after Monday's profit-taking slump.
Shortly before 1:30 p.m. the Dow Jones industrial average was 14.42 points higher at 8,912.38. Declines led advances 1,854 to 1,036 as 394 million shares traded on the New York Stock Exchange.
The Nasdaq Composite inched up 4.81 to 1,865.86 and the S&P 500 index rose 1.23 to 1,131.43. (Click here for a look at today's CNNfn market movers)
The bond market rose, banking on overnight strength in the dollar. The benchmark 30-year Treasury bond gained 11/32 of a point in price, for a yield of 5.27 percent.
The dollar continued to climb against the Japanese yen and the German mark as investors' views of the global economy improved and the prospects for a Federal Reserve interest rate cut Nov. 17 diminished.
Internet gets them interested again
The only market sector to attract lively trading at the start of the session was Internet stocks, led by shares of K-Tel (KTEL). The stock soared 9, or almost 78 percent, to 20-9/16 after the company said its K-Tel Express online music and video service will be featured on Microsoft's (MSFT) MSN Shopping Channel. Shares of Microsoft inched up 1-5/8 to 112-5/16.
Other Web stocks followed suit, with eBay (EBAY) surging 31-9/16, or more than 30 percent, to 134-9/16, after Goldman Sachs set a $150 a share 12-month target price on the stock; Amazon.com (AMZN) climbing 8-7/8 to 135-3/4; and Excite (XCIT) soaring 5-1/2, or more than 11 percent, to 53. Yahoo! (YHOO) soared 11 to 175-3/4. Nine out of the 10 top net gainers on the Nasdaq were Internet stocks.
Select major technology issues enjoyed a second day of strong advances. Shares of Dell Computer (DELL) gained 1-3/8 to 70-3/8, Intel (INTC) rose 2 to 98.
Elsewhere, financial stocks extended their losses from Monday, with shares of Dow component J.P. Morgan (JPM) falling 1-1/8 to 98-5/8 and fellow blue chip American Express (AXP) shedding 1-3/8 to 93-1/2.
Also among the Dow members, shares of Wal-Mart (WMT) fell 3/8 to 70-3/16 even after the discount retailer reported better-than-expected third-quarter results. 
-- by staff writer Malina Poshtova Zang
|
|
|
|
|
 |
|
