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Markets & Stocks
Caution near 10,000 mark
March 16, 1999: 12:02 p.m. ET

Dow retreats after crossing milestone; stocks stick to tight trading ranges
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NEW YORK (CNNfn) - After tasting the air above Dow 10,000 briefly, caution returned to Wall Street at midday Tuesday and left stocks lingering in a limited trading range.
     Earlier in the session, after four days of cautious advances and quick retreats, the Dow Jones industrial average made history, crossing 10,000 for the first time in its 114- year history.
     But the euphoria was short-lived, and minutes after the index crossed the five-figure threshold, sellers came in, wiping out the Dow's gains and sending the index below Monday's closing level.
     The market later recovered and shortly after 11:30 a.m. ET the Dow Jones industrial average was 2.77 points lower at 9,956.00, retreating after climbing as high as 10,001.78.
     "I think that you are going to be flirting with that number back and forth. I think good traders, on the excitement, probably took some profits and I think that we will vacillate and move a lot higher," said Ralph Acampora, chief technical analyst at Prudential Securities.
     On the New York Stock Exchange, declines outnumbered advances 1,536 to 1,158 on trading volume of 306 million shares.
     The Nasdaq Composite rose 12.18 to 2,443.62. The S&P 500 eased 0.31 to 1,306.95.
     Bonds were higher, helped a bit by a small recovery in the dollar and keeping their gains after the release of February industrial production data that came above estimates. The bellwether 30-year Treasury bond rose 15/32 of a point in price, for a yield of 5.49 percent.
     The dollar recovered small ground against the yen, but remained stuck in a narrow trading range. The dollar also inched up against the euro.
    
Caution near the peak

     As had been the case over the past three trading session, the proximity to 10,000 seemed to cause caution among investors.
     Still, an announcement by chemical giant and Dow component Union Carbide (UK) that first-quarter earnings will come in at the high end of forecasts helped lift that stock 1-5/16 to 44-13/16 and push the Dow toward the five-figure landmark.
     The Dow also got some help from Merck (MRK), which rose 1-11/16 to 85-15/16 on news the Food and Drug Administration has approved broader use of the company's drug Mevacor, a cholesterol lowering treatment.
     Major technology components, which had been a drag on the Dow in early trading, recovered and helped underpin the index's performance. IBM (IBM) gained 9/16 to 182-9/16, and Hewlett Packard (HWP) rose 1-1/16 to 72-5/8.
     The Dow's financial components, however, weighed on the overall index, with American Express (AXP) slipping 1-1/8 to 124-5/8, Citigroup (C) shedding 1-5/16 to 64-5/8 and J.P. Morgan (JPM) losing 3/8 to 125.
     The rest of the market appeared satisfied to remain within a limited trading range, with few stocks making large strides in either direction.
    
Webs on a roll

     Among the few outstanding issues, shares of Go2Net (GNET) soared 15-1/2 to 128-7/8, a gain of more than 13 percent coming on top of strong gains from Monday, when Microsoft co-founder and billionaire investor Paul Allen said he would buy a $300 million stake in the company, which operates a network of community Web sites and the MetaCrawler search engine.
     Other Web-related issues shared the excitement, with Cyberian Outpost (COOL) surging 6-9/16, or more than 35 percent, to 25-1/16 and CyberCash (CYCH) rallying 2-1/4, or nearly 16 percent, to 16-1/2.
     More established Internet players showed a cooler attitude, with America Online (AOL) rising 3-1/4 to 105-1/4, Amazon.com (AMZN) slipping 3-1/8 to 135-13/16 and Yahoo! (YHOO) easing 1-5/16 to 119-11/16.
    
Tech blue chips take the lead

     Despite the Dow's uncertain performance, the Nasdaq managed to hold to small gains through most of the morning, largely due to strength in the blue chip tech sector.
     Shares of Microsoft (MSFT) rose 2-1/8 to 168, Intel (INTC) advanced 1-13/16 to 119-11/16, Cisco Systems (CSCO) gained 1-1/2 to 106-1/2 and Dell Computer (DELL) inched up 3/16 to 43-15/16. Back to top
     -- by staff writer Malina Poshtova Zang

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.