Wall St retreats modestly

WALL Street stocks pulled back modestly in tentative trading as signs of persistent inflationary pressures added uncertainty …

WALL Street stocks pulled back modestly in tentative trading as signs of persistent inflationary pressures added uncertainty to the interest rate outlook before next week's Federal Reserve meeting.

The blue chip barometer, which has been see sawing through the week, slid from a 40 point morning gain to a 96 point loss before recovering over the final hour. Broader measures also turned lower.

Declining issues out numbered advancers by a 10 to nine margin on the New York Stock Exchange, with 1,331 up, 1,469 down and 606 unchanged.

NYSE volume totalled 499.78 million shares, against 603.03 million in the previous session.

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The Standard and Poor's 500 stock list fell 5.30 to 883.69, and the NYSE composite index fell 1.97 to 460.93. The Nasdaq composite index fell 9.87 to 1,436.37, and the American Stock Exchange composite index fell 3.14 to 616.10.