Dow Slips 10 Points as Inflation Concerns Persist
Stocks slipped again today, even as interest rates backed away from 13-month highs, reflecting persistent inflation worries and a negative outlook for the computer industry that dragged down computer stocks.</br></br>The Dow Jones industrial average fell 10.34 points, to 5657.95, rebounding from a midday loss of 28 points as interest rates began to ease. The Dow, a barometer of 30 big U.S. companies, has fallen every day this week, but the total decline of less than 40 points demonstrates investor confusion about signals on inflation and interest rates.</br></br>Bond prices, which had slid the past four sessions in the aftermath of Friday's strong employment report, drew some early strength from a report showing that retail sales rose 0.8 percent, to $205.5 billion in May, which was slightly below analysts' projections.</br></br>But the bond market worsened by midday, sending interest rates higher and stocks lower, reflecting worries about an upward revision in the April sales tally and concerns that May's advance was robust regardless of projections.</br></br>The price of the Treasury's main 30-year bond rose 3/4 point, or $7.50 per $1,000 in face value. Its yield fell to 7.12 percent from 7.19 percent late Wednesday, which was the highest level since early May 1995.