Blue-chip stocks fell sharply for a second consecutive session Wednesday as a late bond market selloff fueled another rash of profit-taking. The Dow Jones industrial average ended down 35.84 points, or 0.63 percent, at 5,673.83, after a 53-point loss on Tuesday. In the broader market, declining issues beat advances 1,506 to 829, but the trading volume was subdued at 346 million shares on the New York Stock Exchange. "It appears we're in a period of digestion," said Richard Cripps, chief market strategist at Legg Mason Wood Walker. pennystocks
"There's the belief we need to consolidate and head a little lower. Nothing much more than that." The Dow ended well off its session lows of 5,645.39 but the loss of more than 50 points nonetheless triggered NYSE curbs on computerized trad- "T It appears we're in a period of digestion. There's the belief we need to consolidate and head a little lower." — Richard Cripps Legg Mason Wood Walkering for the 56th time so far this year. The curbs were triggered only 28 times for all of The Nasdaq Composite tumbled 10.67 points to 1,225.63. The key 30-year Treasury bond tumbled 1-2-32, boosting its yield to 6.95 percent — the highest since May 9 — from 6.86 percent Tuesday after disappointing comments by Richmond Federal Reserve Bank President Alfred Broaddus. "It may be we don't need to do anything. It may be that we need to move toward greater restraint..." Broaddus was quoted as saying in a Market News wire service interview. Cripps said Wall Street's next big focus would likely be the release of May jobs data on June 7. Analysts said big technology stocks and cyclical, or economically sensitive, issues appeared to be the weakest sectors on Wednesday. IBM feH 1% to and Micron lost % to 30»/4, while DuPont lost 1% to 81V4 and Alcoa rose % to 61%. Among individual issues, Texas Instruments fell % to 53%. The company's chairman, chief executive and president, Jerry JunMns, 58, died of a cardiac arrest during a business trip in Europe. Bill Mitchell and Pat Weber, members of its office of the chief executive with Junkuis, will oversee the dayto-day operations at Texas Instruments in the near-term.pennystocks
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"There's the belief we need to consolidate and head a little lower. Nothing much more than that." The Dow ended well off its session lows of 5,645.39 but the loss of more than 50 points nonetheless triggered NYSE curbs on computerized trad- "T It appears we're in a period of digestion. There's the belief we need to consolidate and head a little lower." — Richard Cripps Legg Mason Wood Walkering for the 56th time so far this year. The curbs were triggered only 28 times for all of The Nasdaq Composite tumbled 10.67 points to 1,225.63. The key 30-year Treasury bond tumbled 1-2-32, boosting its yield to 6.95 percent — the highest since May 9 — from 6.86 percent Tuesday after disappointing comments by Richmond Federal Reserve Bank President Alfred Broaddus. "It may be we don't need to do anything. It may be that we need to move toward greater restraint..." Broaddus was quoted as saying in a Market News wire service interview. Cripps said Wall Street's next big focus would likely be the release of May jobs data on June 7. Analysts said big technology stocks and cyclical, or economically sensitive, issues appeared to be the weakest sectors on Wednesday. IBM feH 1% to and Micron lost % to 30»/4, while DuPont lost 1% to 81V4 and Alcoa rose % to 61%. Among individual issues, Texas Instruments fell % to 53%. The company's chairman, chief executive and president, Jerry JunMns, 58, died of a cardiac arrest during a business trip in Europe. Bill Mitchell and Pat Weber, members of its office of the chief executive with Junkuis, will oversee the dayto-day operations at Texas Instruments in the near-term.pennystocks
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Penny stocks may cost a lot
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