Tuesday May 6, 11:24 PM
US STOCKS-Market cuts losses; Fannie, Microsoft gain
NEW YORK, May 6 (Reuters) - The Nasdaq briefly turned
higher, while the Dow and S&P 500 cut losses on Tuesday as a
rebound in Fannie Mae shares helped financials trim an
earlier decline. Microsoft and Yahoo gained,
which supported the Nasdaq.
Analysts said Fannie shares rebounded as the tone of
conference call comments reassured investors, while Yahoo
signaled a more open stance toward a takeover by Microsoft.
The Dow Jones industrial average was down 31.76
points, or 0.24 percent, at 12,937.78. The Standard & Poor's
500 Index was down 0.01 of a point, or 0.00 percent, at
1,407.48. The Nasdaq Composite Index was up 2.44
points, or 0.10 percent, at 2,466.56.
(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)
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