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Stocks suffer vertigo
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May 4, 1999: 4:12 p.m. ET
Traders consolidate after rally, pulling the Dow from its nosebleed heights
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NEW YORK (CNNfn) - Wall Street took Tuesday to recuperate from the previous day's record-breaking rally, leaving stock prices sagging as investors lightened their holdings of blue chips and technology shares to take some profits.
According to preliminary data, the Dow Jones industrial average shed 130.07 points to close at 10,884.68. Market breadth was negative on the New York Stock Exchange, with declines beating advances 1,619 to 1,377, while volume reached 911 million shares.
The Nasdaq Composite suffered even deeper net losses, falling 50.81 points, or 2 percent, to 2,484.77. The S&P 500 index lost 22.82 points to 1,331.81.
Bonds fell, pushing yields up to nine-month highs as traders found scant reason to buy after Merrill Lynch cut its ideal weighting of bonds. The bellwether 30-year Treasury bond fell 24/32 of a point in price to yield 5.71 percent.
The dollar gained ground against the yen but retreated from the euro after European Central Bank President Wim Duisenberg defended his currency strategy. 
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