NEW YORK -- Stocks were mostly higher today, but blue-chip issues retreated after an early rally, undermining the market's attempted rebound from yesterday's selloff. Dow off 18.68
The Dow Jones industrial average fell 18.68 points to close at 8,898.96 after swinging from an early 89-point gain to a 54-point loss. Advancers led decliners by a 3-to-2 margin on the New York Stock Exchange, with 1,826 up, 1,179 down and 492 unchanged. NYSE volume was 677.75 million shares vs. 685.01 million yesterday.
Broader stock measures also pulled back from the morning's highs, but several finished modestly higher. The Nasdaq composite index, which plunged 49 points yesterday, rose 11.46 to 1,831.77. The Standard & Poor's 500 list slipped 1.43 to 1,085.11, but the NYSE composite rose 0.51 to 563.56. The Russell 2000 index of smaller companies rose 4.04 to 472.54, and the American Stock Exchange composite gained 4.03 to 733.03.
The Dow lost 147 points yesterday amid suggestions that the Federal Reserve is mulling an increase in interest rates to slow the economy and keep inflation in check.
The inflation-sensitive bond market, jolted by yesterday's developments, struggled again today, with the yield on the 30-year Treasury pushing farther above 6 percent. The long-bond yield, which yesterday rose above 6 percent for the first time since early March, is used to calculate the interest charged on many types of loans.
The price of the Treasury's main 30-year bond was down 1/4 point, or $2.50 per $1,000 in face value, by late afternoon, while its yield rose to 6.07 percent from 6.05 percent late yesterday.