They said the market's mixed signals were typical of end-of-the-quarter portfolio adjustments.

Prices were also pressured by year-end portfolio adjustments by managers who are starting to close their books.

Mr. LeFevre said: "There could be more portfolio adjustments after July 1.

Yesterday's trading, however, did not indicate a flood of portfolio adjustments.

He did see portfolio adjustments in advance of this Friday's options expiration.

We're looking at the end-of-the-quarter portfolio adjustments and earnings pre-announcements.

The third approach, he said, is to "make significant portfolio adjustments by subsectors based on prospects for commodity prices."

And a failure of American stock indexes to meet investors' expectations could spur more portfolio adjustments.

With the markets closed today in observance of Good Friday, yesterday's price changes largely reflected technical portfolio adjustments, dealers said.

They may then buy stocks, bonds, Treasury bills or Rockefeller Center, but that is merely a matter of portfolio adjustment.