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Modest losses for stocks
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March 17, 1999: 1:48 p.m. ET
Investors reluctant to enter the market with the Dow so near 10,000
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NEW YORK (CNNfn) - Concerns about the Dow being so near 10,000 amid resurgent worries about valuations and earnings growth left stock prices mostly lower in afternoon trading Wednesday.
Shortly before 1:30 p.m. the Dow Jones industrial average was 26.64 points lower at 9,903.83. On the New York Stock Exchange, declines led advances 1,699 to 1,155 as 456 million shares traded.
The Nasdaq Composite fell 7.39 to 2,431.88 and the S&P 500 index lost 8.51 to 1,297.85. (Click here for a look at today's CNNfn market movers)
Market watchers predicted more volatility and a shaky trading pattern between now and Friday, when Wall Street faces this quarter's 'triple witching' hour -- the simultaneous expiration of stock and stock index futures and options.
The bond market fell as the dollar dropped against the euro and eased from its overnight highs against the yen. The bellwether 30-year Treasury bond was down 10/32 of a point in price, for a yield of 5.49 percent.
Wall Street retreats
Back in stocks, investors found little corporate news to trade on, and left the market consolidating after Tuesday's brief peak above 10,000 for the Dow.
Among the day's few newsmakers, shares of local and long-distance telephone service provider Frontier (FRO) surged 7-1/4, or more than 16 percent, to 51-7/8 on news Global Crossing (GBLX), a telecommunications network operator, is buying the company for $11.2 billion. Global Crossing's stock lost 2-3/8 to 49-1/8.
And the stock of fast-food restaurant chain Wendy's (WEN) rose 1-13/16 to 29-1/16 after the company said it would exceed first-quarter earnings estimates by 2-3 cents a share.
Shares of Dollar Thrifty Automotive (DTG) climbed 2-1/8, or more than 14 percent, to 14-5/16 after the budget rental car operator also said it would more than double forecasts with its first-quarter earnings.
Dow weighed down by financials
Weakness among financial stocks dragged down the Dow industrials, extending the sector's losses from Tuesday.
Among the losers, shares of American Express (AXP) dropped 2-5/16 to 121-1/4, J.P. Morgan (JPM) lost 2 to 122 and Citigroup (C) was down 13/16 to 63-11/16 even after Lehman Brothers raised its earnings estimates for several major banks, including J.P. Morgan and Citigroup.
Helping limit the Dow's losses, shares of construction equipment maker Caterpillar (CAT) jumped 2-13/16 to 46-13/16 after Salomon Smith Barney upgraded the stock to "buy" from "neutral," even after last Friday Caterpillar issued a profit warning.
Also moving on the upside, AT&T (T) gained 1-3/16 to 83-5/8 after the company announced a 3-for-2 stock split.
Transports slowed down
Transportation stocks, which recently rallied sharply, also succumbed to profit taking, leading the Dow transports index to lose 54.62 points, or 1.6 percent, to 3,333.94.
Among the major losers, shares of AMR (AMR), which operates American Airlines, shed 2-1/4 to 58-3/4 and Delta Air Lines (DAL) fell 1-1/4 to 65-1/2. UAL (UAL), which operates United Airlines, inched up 9/16 to 73-3/4. 
-- by staff writer Malina Poshtova Zang
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