Dow Drops Slightly On Narrow Trading

Thu., March 25, 1999

From Staff

Stocks closed narrowly mixed Wednesday after a lackluster session as traders, chastened by Tuesday’s big drop, refrained from placing any big bets. NATO’s launch of air strikes against Yugoslavia had no apparent effect on the market.

The Dow Jones industrial average fell 4.99 to 9,666.84 after trading in a narrow range all day. Worries that earnings wouldn’t meet expectations sent the Dow 218.68 lower on Tuesday, giving the blue-chip index its second-biggest point loss this year.

“I think the decline yesterday really confirmed the danger signals,” said Hugh Johnson, chief investment strategist at First Albany Corp. “Every buyer that you talk to has basically just backed away and put their strategies on hold.”

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Dow Drops Slightly On Narrow Trading

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