Dow Dips As Investors Take Profits

Stocks finished Thursday’s session on a mixed note, as concerns about the weakened dollar and higher interest rates blunted the positive effects of a comeback in Mexican stocks.

The Dow Jones industrial average closed down 3.03 at 3,859.00. The blue chip index hovered at slightly lower levels for most of the session, as cautious investors sold or took to the sidelines in the face of several cross currents.

Advancing issues outnumbered decliners by 1,124 to 1,066 on the New York Stock Exchange. Big Board volume totaled 312.51 million shares, down from 346.28 million Wednesday.

“Investors are in a cautious mood, given the anxiety in the currency markets,” said Bob Walberg, market analyst at MMS International. “That, in addition to soft bonds, is keeping stocks from doing much in the way of the upside.”

Concerns about Mexico persisted despite a pickup in the Mexican stock market and the Mexican peso. The Mexican Bolsa’s key IPC index rose nearly 4.5 percent, but the American depositary receipts of Mexican companies were mixed.

Some of the stocks that moved substantially or traded heavily Thursday:

NYSE

Telefonos de Mexico’s American depositary receipts, unchanged at 35 5/8.

Grupo Televisa’s ADRs rose 3/8 to 25 1/4.

Grupo Tribasa’s ADRs fell 3/8 to 11.

Empresas ICA rose 1/4 to 10 3/8.

Mexico Fund rose 1 to 20 1/8.

The American depositary receipts of Mexican companies ended mixed, as the the Mexican stock market and the peso moved higher.

Advanced Micro Devices rose 3 to 31 5/8.

The semiconductor maker settled litigation with Intel regarding AMD’s rights to sell clones of Intel’s microprocessors. Prudential Securities upgraded AMD stock.

Compaq rose 1 1/2 to 42 7/8.

The computer maker’s stock rose amid reports of strong earnings expectations for the fourth quarter.

NASDAQ

Intel rose rose 7/8 to 67 1/8.

The company settled litigation with Advanced Micro Devices. AMD agreed to pay Intel $58 million but was given the right to sell Intel chip clones.

AMEX

Royal Oak Mines rose 3-16 to 3 3/8.

Echo Bay rose 1/8 to 10 3/8.

Pegasus Gold, unchanged at 11 3/4.

Gold-mining stocks rose with gold prices.