Dow Manages Gain on Day of Snow, Woe

Wall Street stocks fell today in sluggish end-of-year trading made slower by a heavy snowstorm, holiday absences and a gloomy economic report.

The Dow Jones industrial average stayed in a narrow range and ended up 3.71 points at 2,629.21. But in the broader market, declining shares outpaced advances by about 8 to 7 on light New York Stock Exchange volume of 111.04 million shares.

Many traders were unable to get to work because of a snowstorm that hit New York. And the government announced a sharp decline in its November index of leading indicators, the latest signpost pointing toward recession.

“There’s nothing to motivate the few guys who are out there (on the trading floor),” said Monte Gordon, research director at Dreyfus. “It’s going to be that kind of day, with no news around to stir any activity.”

Economists said the steep drop in the index suggests that no quick end to the slowdown is likely and that lower interest rates are needed to stimulate business activity.

“There’s concern over fourth-quarter corporate earnings,” Gordon said.

John Brooks, a technical analyst at Davis, Mendel & Regenstein, said a large amount of cash remains on the sidelines. He said institutions might buy aggressively Monday, the last trading day of the year, to lower their cash positions at year-end.