NEW YORK >> Wall Street found some stability today, leaving stocks barely changed following the selloff last week that sent the major indexes to some of their lowest levels of the year. Nasdaq ends slide; Dow flat
Associated PressAnalysts cautioned against reading too much into the session, however, noting the market's troubles aren't over. They said investors were merely biding their time until they get more news about where business -- or the economy -- is headed.
"I think people don't know what to do, so most aren't doing anything," said Jon Brorson, director of equities at Northern Trust. "There's no conviction out there, there are no real buyers. People don't want to miss it when the market bounces back, but by the same token they're not willing to step in and buy."
The Dow Jones industrial average closed down 0.34 at 9,605.51, recovering nearly all of an early drop of more than 100 points. The Standard & Poor's rose 6.76 to 1,092.54, just above its low close for the year set Friday and at a level last seen in October 1998. The Nasdaq composite index gained 7.68 to 1,695.38.
Decliners led advancers nearly 2 to 1 on the New York Stock Exchange, with 1,971 down, 1,139 up and 206 unchanged. Volume was 1.24 billion shares vs. 1.43 billion Friday. The NYSE composite index rose 1.91 to 568.08, the American Stock Exchange composite index lost 1.07 to 855.35 and the Russell 2000 index fell 4.46 to 440.73. The Treasury's 10-year note fell 14/32 to 101 - 6/32; its yield rose 6 basis points to 4.85 percent. The 30-year bond fell 1 - 2/32 to 99; its yield rose 7 basis points to 5.44 percent.
Earlier in the session, the Dow and Nasdaq had traded close to their 2001 lows. The Dow is now about 216 points above its low close for the year while the Nasdaq would have to fall another 57 to break through its own low.
The market held mostly steady today despite significant losses in Asian and European markets that suggested the U.S. economic malaise is part of a larger global problem. Japan's Nikkei stock average hit a new 17-year low and Britain's FT-SE 100 fluctuated below 5,000 for the first time in nearly three years.
"The losses overseas are a pretty big deal because for demand in the U.S. to pick up, you need global demand to pick up. If the U.S. picks up but the rest of the world doesn't, it could cause a problem," said John Forelli, portfolio manager for the John Hancock Core Value Fund.
Tech stocks got a boost from gains in Intel, which rose 18 cents to $26.07, and Dell, which climbed $1.02 to $22.57.