Newspaper article THE JOURNAL RECORD

Stock Market Takes Breather, Dow Industrials Decline 4.20

Newspaper article THE JOURNAL RECORD

Stock Market Takes Breather, Dow Industrials Decline 4.20

Article excerpt

NEW YORK (UPI) - Stocks drifted lower Tuesday, but analysts said the market was just taking a breather after recent gains.

The Dow Jones industrial average lost 4.20 to 1,273.30. Broader-based indicators also declined.

Declines topped advances 835-729 among the 2,021 issues traded.

Composite volume of NYSE-listed issues on all U.S. exchanges and over the counter totaled 115,829,330 shares, up from the 102,820,860 traded Monday.

""It was a quiet, apathetic, backing-and-filling day,'' said Alfred Harris of Josephthal & Co. ""The market conceded the ground it gained Monday in a similar amount of volume.''

Harris said market had been aware that retail sales had been subdued so the 0.9 percent rise in April reported by the Commerce Department today did not come as a surprise.

He said the $8.34 billion expansion in March consumer credit reported by the Federal Reserve this afternoon was more negative.

""The consumer is borrowing at a pretty strong pace and at relatively high interest rates,'' Harris said.

Many analysts believe the the potential is there for the market to move higher.

Especially among blue-chip issues, ""there's definitely a pent-up demand for equities,'' said Harry Villec, of Sutro & Co., Palo Alto, Calif.

""The market is going to be at 1,325 very shortly,'' he said, citing potential for a discount rate cut and subsequent prime rate cuts.

On the trading floor, AT&T was the most active NYSE-listed issue, gaining 1/4 to 22 1/2.

IBM followed, off 2 1/4 to 128.

Signal Companies was third, up 2 1/2 to 39 3/4.

In technologies, Digital Equipment fell 2 1/4 to 103 7/8. Texas Instruments lost 2 1/2 to 92. Rohr Industries lost 2 1/4 to 49 3/4. …

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