Industrials End Off 2.97 as Stocks React to Movements in Oil Prices
NEW YORK -- Stocks fell slightly as nervous investors kept watch on oil prices, which remained above $30 a barrel, and a rout in several technology issues.</br></br>The Dow Jones Industrial Average fell 2.97 to 2612.62. Stocks bounced around in an inverse relation to oil prices throughout the day. Crude oil for October delivery rose above $31, but closed down 54 cents to $30.76.</br></br>Among the broader indexes, Standard & Poor's 500-Stock Index dropped 0.59 to 321.04, the New York Stock Exchange Composite Index fell 0.31 to 176.39 and the Dow Jones Equity Market Index lost 0.41 to 297.73. Declining issues topped advancers by 835 to 609 on the Big Board.</br></br>Volume on the New York Stock Exchange amounted to 113,220,000, the lightest since September 4 when 92,940,000 shares traded. Volume Monday totaled 119,730,000 shares.</br></br>"The light trading volume of the past week shows there is a tremendous lack of enthusiasm and uncertainty" among investors, said Edward Shopkorn, general partner at Mabon, Nugent & Co. He said investors have three specific fears: a war in the Mideast, which could result in an explosive rise in oil prices and sharply falling stocks; a lack of progress on trimming the budget deficit; and limited interest rate reductions, if any, from the Federal Reserve.