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Spokane, Washington  Est. May 19, 1883

Dow Edges Higher In Another Seesaw Session

Associated Press

The Dow Jones industrial average snapped a three-session losing streak and the market steadied after a shaky opening, but stocks ended mostly lower Wednesday as rising interest rates rattled fraying nerves.

The Dow industrials rose 8.14 points to 5,354.69, teetering into the close. But it was another highly volatile day, with the blue-chip measure dropping 76 points at the open, rallying to a gain of more than 32, then retreating again.

“If you don’t like where the market is, just wait a minute,” said Arthur Hogan, the head stock trader at Dean Witter Reynolds. “These things are fluctuating so much it’s just driving everybody crazy.”

Despite the Dow’s rebound, broader market measures ended lower, demonstrating a growing discomfort with any but the biggest, most established companies.

There were nearly three declining issues for every advancer on the New York Stock Exchange, while the Nasdaq market, dominated by technology and speculative companies, continued to hemorrhage.

NYSE volume totaled 460.99 million shares as of 4 p.m., up from Tuesday’s pace.

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

NYSE

Compaq Computer, up 3-1/4 at 48-1/4.

Citing improved operations and new products, the world’s No. 1 personal computer maker said its second-quarter profit rose 9 percent and sales were up 14 percent compared with a year ago.

Goodyear Tire & Rubber, down 3/4 at 41-7/8.

The world’s largest rubber company’s earnings increased 8.1 percent in the second quarter despite a slight decline in sales. The profit of $187.9 million, or $1.22 per share, was in line with analyst expectations.

NASDAQ

Penederm, down 2-7/16 at 5-9/16.

The company is the target of a Johnson & Johnson lawsuit alleging that Avita gel, one of Penederm’s four retinoic acid acne formulations, infringes on a J&J patent.

PeopleSoft, up 7-3/4 at 65-1/2.

The software company released second-quarter earnings late Tuesday that beat analyst estimates. Wednesday, Morgan Stanley and Cowen & Co. upgraded their opinions on the stock, the Dow Jones News Service reported.

Fritz Companies, down 15-1/4 at 12-1/4.

The international freight company reported a $3.4 million loss in its fiscal fourth quarter, citing expenses related to its $210 million purchase of Intertrans in June 1995.

Iridex, down 3-1/4 at 8-1/4.

The eye laser company’s second-quarter earnings were nearly flat despite a 14.7-percent jump in sales. The 0.5 percent increase to $182,000, or 3 cents a share, was well below expectations.