Dow Retreats From Record High As Bonds Slip
Stocks finished mixed on Thursday, with blue chips falling from record levels as bonds slipped in advance of Friday’s release of March employment statistics. Broad stock indexes rose, with some reaching new highs.
The Dow Jones industrial average dipped 6.86 points to 5,682.88, easing off its record closing Wednesday of 5,689.74. The blue-chip index recovered from an 18-point loss early in the session and hovered close to unchanged for the rest of the day.
The Dow rose 102.60 points in a shortened week. The market will be closed today in observance of Good Friday.
Declining issues edged out advancers by 1,197 to 1,066 on the New York Stock Exchange. Big Board volume was light at 382.01 million shares as of 4 p.m., under Wednesday’s already slow pace.
Long-term Treasury bond prices fell 5-16 point late in the day, yielding 6.67 percent.
Trading in both the stock and bond markets was very quiet ahead of today, when the government is scheduled to release March job-creation and unemployment rate figures.
Some of the stocks that moved substantially or traded heavily Thursday:
Lucent Technologies Inc. closed at 30-5/8, up from an original price of 27.
AT&T; Corp. fell 1-1/4 to 62-7/8.
Lucent raised $3.025 billion of common shares in the largest initial offering ever and the first stage of the landmark trisection of AT&T; Corp. The communications-equipment company sold 112 million shares, or a 17 percent stake, at $27 each, the high end of a price range increased to $25 from an original $22.
Aetna rose 2-1/4 to 75-1/8.
Some analysts warn that Aetna, with its proposed acquisition of U.S. Healthcare, will smother the health maintenance organization with Aetna’s old-style, conservative culture, The Wall Street Journal reports.
Starbucks Corp. rose 1-1/4 to 25-7/8.
The premium coffee vendor said March sales in Starbucks stores and the company’s Coffee Connection Inc. unit increased 9 percent. March samestore sales at Starbucks stores rose 10 percent. Total sales at both units increased 54 percent.
Iomega Corp. rose 2-1/2 to 31-3/4.
The stock rose for the second day after the company said Dell Computer Corp. will include Iomega’s Zip, Ditto and Jaz storage solutions on Dell’s Government Services Administration schedule. Dell shares were up 1/8 at 36-3/4.
AMEX TWA rose 2-1/4 to 22.
Airline stocks rose on the prospect of good first-quarter earnings results.
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