NEW YORK -- Stocks posted a mixed performance today as investors grappled with mixed signals on whether inflationary pressures have eased enough to keep interest rates from rising. Dow up 49.54
The Dow Jones industrial average rose 49.54 points to nearly 7,722.33. The blue-chip barometer had briefly dipped into negative territory in the afternoon after giving back a 75-point morning gain. Advancers led decliners by a 3-to-2 margin on the New York Stock Exchange, with 1,706 up, 1,150 down and 535 unchanged. NYSE volume was 544.00 million shares vs. 561.58 million yesterday.
Technology shares and smaller company issues were mostly lower throughout the day.
The Standard & Poor's 500-stock list rose 5.89 to 891.03, the NYSE index rose 3.57 to 466.01, and the American Stock Exchange composite rose 3.04 to 625.61.
But the Nasdaq composite index, which is dominated by technology shares and smaller companies, fell 3.82 to 1,438.25, and the Russell 2000 index of smaller companies fell 2.24 to 394.13.
Stocks started the day flat, but the blue-chip sector quickly drew a boost from the bond market, where interest rates fell after reports suggesting moderation in factory activity and construction spending.
The blue-chips gave back much of the day's gains in the afternoon, however, with the release of a report showing strong retail sales during June.
The factory and construction data bolstered arguments that the pace of business may be slowing enough to ease pricing pressures without a boost in Federal Reserve interest rates, which could hurt company profits.