NEW YORK - Stocks posted narrow gains today - with some indexes setting record highs for a third straight session - as two new reports suggested that business conditions remain strong enough here to weather the economic crisis in Asia. Dow falls 16
The Dow Jones industrial average briefly edged into record territory during the afternoon, but pulled back before the close and finished 16.19 points lower at 8,659.56.
Advancers led decliners by a narrow margin on the New York Stock Exchange, with 1,527 up, 1,414 down and 532 unchanged. NYSE volume was 593.38 million shares vs. 652.32 million yesterday.
The Standard & Poor's 500 index rose 1.46 to 1,069.93, and the NYSE composite index rose 0.60 557.90, giving both measures a record high for the third day in a row.
The Nasdaq composite index gained 7.21 to 1,764.06. The Russell 2000 index of smaller companies, which yesterday closed at a record high for the first time since October, rose 0.66 to 467.78. The small-company dominated American Stock Exchange composite index rose 0.52 to 714.45.
In late afternoon trading, the benchmark 30-year Treasury bond rose 1 1/32 points, or $10.31 per $1,000 bond, driving its yield down to 5.87 percent, the lowest since Feb. 20.
Stocks drew some support from the bond market, where interest rates eased despite two economic reports that might have ordinarily stoked some inflation jitters.
The Commerce Department reported that retail sales rose 0.5 percent in February as unseasonably warm weather brought shoppers out early to buy spring clothes and garden supplies.