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Monday - 10:59 11/29/99, EST
Stocks Open Lower on Dollar Worries
NEW YORK (Reuters) - U.S. stocks fell in early trading on Monday amid
profit-taking and worries about the dollar's slide against the Japanese yen.
The Dow Jones industrial average (.DJI) was off 85 points, or 0.78 percent, at
10,903.
The technology-laced Nasdaq composite index (.IXIC) gave up an opening rally
and was down 8 points, or 0.24 percent, at 3,439.0.
The Standard & Poor's 500 index (.SPX) was off 11 points, or 0.84 percent, at
1,404.
Traders said the market was seeing profit-taking from recent strong gains. On
Friday, the Nasdaq finished at its 16th record close in 20 sessions.
``The market has had a pretty good run over the last week or so. I'm not surprised
that there is some profit-taking,' said Jim Benning, director of equity trading at BT
Brokerage.
The dollar fell despite an effort by the Bank of Japan to intervene in overnight
trading by buying dollars for yen.
The weaker dollar sent the U.S. Treasury 30-year bond off 15/32 to yield 6.28
percent.
Wall Street was also looking ahead to a raft of economic data this week,
culminating with November jobs figures on Friday. Wall Street will look at the
numbers for signs of inflation that could lead to higher interest rates.
``There is potential for inflationary numbers to hit and I think that is what the bond
market is worried about,' said Jim Volk, co-director of institutional trading at D.A.
Davidson & Co. in Portland Ore.
Declining stocks topped advances on the New York Stock Exchange by a 2-1
margin on moderate trading. |
