STOCK HAVE ROUGH RIDE
NEW YORK — The stock market struggled through a roller coaster day on Tuesday and managed to finish with a small gain on the Dow Jones industrial average after dropping nearly 300 points in the two previous sessions.
On Tuesday, after twice triggering the New York Stock Exchange uptick rule by dropping more than 50 points, the Dow righted itself in the last few minutes of trading and finished with a gain of 27.57 points to 6611.05.
Once the Dow drops 50 points, the NYSE delays trading in stocks unless the trade is at a higher price than the previous trade.
Retail and apparel shares were a mixed bag as some recovered from Monday’s battering while others continued downward. For example, Sears, Roebuck, which lost 1 1/8 on Monday, dropped another 1 3/8 Tuesday closing at 48 3/4. Tommy Hilfiger, a 1 1/8 loser Monday, slipped another 7/8 Tuesday to 51 3/8.
However, making up part of Monday’s losses were Federated Department Stores, up 7/8 to 34; Kohl’s, 1 1/8 to 43 1/2, and Saks Holdings, 1 5/8 to 30 3/8. Saks dropped more than 3 points on Monday.
Although the Dow was ahead, decliners led advancers on the NYSE, 1,336 to 1,153. Volume was still an active 507 million shares, but down from Monday’s 555.7 million share turnover.