Stocks Turn Mixed After Initial Surge

Associated Press/AP Online

NEW YORK - Wall Street turned mixed Friday as skittish investors, unable to hold on to much optimism about the economy, retreated from a big advance earlier in the session. President President Bush's call for about $145 billion worth of tax relief to stimulate a sagging economy and fend off a possible recession failed to initially impress investors.

The Dow Jones industrial average initially rose more than 180 points in morning trading, then gave up most of its gains - an unsurprising turn given the black mood on Wall Street. The blue-chip index, having suffered its worst three-day plunge in more than five years, has fallen to levels not seen since March.

As Bush spoke, the major indexes fluctuated in a narrow range - but the fact they did not turn higher showed the depths of the market's unease.

In midday trading, the Dow fell 21.95, or 0.18 percent, to 12,137.26.

Broader stock indicators were mixed. The Standard & Poor's 500 index fell 4.61, or 0.35 percent, to 1,328.64, and the Nasdaq composite index advanced 1.42, or 0.06 percent, to 2,345.48.

Declining issues were ahead of advancers by about 3 to 2 on the New York Stock Exchange, where volume came to 983.6 million shares.

On the Net:

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

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