The pending release of the consumer price report may also have been a reason for the market's measured reaction.
Investors were fretting about today's consumer price report, traders and strategists said.
The consumer price report was the second consecutive low-inflation number.
In addition to the consumer price report, the Government said housing starts fell by 5 percent last month.
The bond market, which initially reacted positively to the consumer price report, turned sour in the afternoon.
On the face of it, the consumer price report seemed to contradict Thursday's inflation news.
Stock prices fell, however, as investors awaited the consumer price report on Wednesday.
The consumer price report will provide the latest indication of inflationary trends.
The consumer price report for April, which showed an increase of 0.7 percent, hit on May 14.
"Greenspan must have been gambling that the consumer price report was going to be helpful," a Government bond trader said.
The pending release of the consumer price report may also have been a reason for the market's measured reaction.
Investors were fretting about today's consumer price report, traders and strategists said.
The consumer price report was the second consecutive low-inflation number.
In addition to the consumer price report, the Government said housing starts fell by 5 percent last month.
The bond market, which initially reacted positively to the consumer price report, turned sour in the afternoon.
On the face of it, the consumer price report seemed to contradict Thursday's inflation news.
Stock prices fell, however, as investors awaited the consumer price report on Wednesday.
The consumer price report will provide the latest indication of inflationary trends.
The consumer price report for April, which showed an increase of 0.7 percent, hit on May 14.
"Greenspan must have been gambling that the consumer price report was going to be helpful," a Government bond trader said.