Dow Gains 9 Points in Cautious, Post-Holiday Trading
The Dow Jones industrial average ended 8.92 points higher at 3339.21. Advancing issues nudged out those declining on the New York Stock Exchange, where volume reached a modest 186 million shares.</br></br>Analysts said investors were weighing their options following last week's bleak jobs report. They said investors also were cautious ahead of the second-quarter corporate earnings results, which will start next week.</br></br>"We're getting a reaction from the employment numbers," said David Shulman, U.S. equity strategist at Salomon Brothers, referring to the spike in June unemployment to an eight-year high of 7.8 percent and the steep 117,000 drop in payrolls.</br></br>The Federal Reserve also chopped its key discount rate to 3 percent from 3.5 percent, the lowest in almost 30 years, last week.</br></br>Analysts said growth stocks were returning to favor. Food, beverage, tobacco, drug and retailing shares were among the issues posting gains.