Closing Market Report

Star-Bulletin news services

Tuesday, June 25, 1996


Blue-chip gauge edges up 1.48

NEW YORK - Stocks were mixed on Tuesday as some signs of weakness in consumer demand eased some inflation worries, but added to concerns about company revenues.

The Dow Jones industrial average rose 1.48 to 5,719.27, after improving from a late deficit of 18 points.

Decliners led advancers by 1,317 to 1,091 on the New York Stock Exchange. NYSE volume totaled 388.99 million shares vs. 333.82 million in the previous session.

Technology shares were hit hard again, weighing down the Nasdaq market amid growing worries about quarterly earnings.

Broad-market indexes also turned lower today after a strong opening with bonds.

The NYSE composite edged up 0.02 to 358.03, while the S&P 500 list fell 0.37 to 668.48. The Nasdaq composite dropped 10.32 to 1,172.58, and the Amex market value index fell 3.41 to 581.73.

After the markets opened, a Realtors group reported that despite rising mortgage rates, home resales rose 1.4 percent in May.

Economists had expected the buying to slow, but the bond market lost little ground on the potentially inflationary indicator as analysts held firm to predictions that home sales will cool this summer.

A separate report by a leading research group, meanwhile, indicated that consumer confidence tumbled in June to the lowest level in five months.

Stocks and bonds retreated after the reports, although Treasuries remained positive on the day, with the yield on the long bond edging down to 7.05 percent.




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