NEW YORK -- Stocks suffered only modest losses today after recovering from a steep selloff spurred by new hints of disappointing profits and inflationary pressures. Dow falls 58.3
The Dow Jones industrial average fell 58.30 points to close at 7,660.98. An earlier loss of 138 points briefly put the Dow under 7,600, a level that has now served as a bouncing point three times in the past month.
Declining issues led advancers by an 8-to-5 margin on the New York Stock Exchange, with 1,098 up, 1,774 down and 518 unchanged. NYSE volume totaled 574.53 million shares vs. 516.68 million yesterday.
Broader stock indicators also cut their losses after being weighed down by the latest employment data and some discouraging news regarding profits at two prominent companies.
The Standard & Poor's 500 list fell 6.44 to 912.59, the NYSE composite index lost 3.57 to 477.06, and the American Stock Exchange composite index fell 3.43 to 666.84.
The Nasdaq composite index managed to post a small gain, rising 0.62 to 1,639.87 after rebounding from an 18-point deficit.
The Russell 2000 index of smaller companies, which yesterday fell for the first time in 13 sessions, slipped an additional 0.97 to 435.93.
The Labor Department reported this morning that the number of first-time claims for jobless benefits fell by 14,000 last week to 310,000.
The data, which exceeded analyst forecasts for a 1,000-claim dip, intensified the jitters that have been building in advance of Friday's key readings on wholesale price levels and retail sales during August.