Newspaper article THE JOURNAL RECORD

Dow Industrials Decline 7.39 as Late Selling Snaps Gains

Newspaper article THE JOURNAL RECORD

Dow Industrials Decline 7.39 as Late Selling Snaps Gains

Article excerpt

active trading Wednesday.

The market traded in plus territory for most of the session, bouyed by hope that more signs of a weak economy would convince the Federal Reserve to let interest rates fall.

The Dow Jones industrial average closed down 7.39 to 1,297.38.

Broader indicators also declined. The New York Stock Exchange composite index eased 0.30 to 108.45. The Standard & Poor 500-stock index fell 0.71 to 186.63. The price of an average share lost 10 cents.

Declines topped advances 808-793 among the 2,026 issues traded.

Composite volume of NYSE-listed issues on all U.S. Exchanges and over the counter totaled 132,425,830 shares, compared with 129,583,440 Tuesday. Big Board volume increased to 108,270,000 from 106,930,000.

Analysts said stock prices were aided early in the day by the belief that today's report on second-quarter GNP would show slow enough economic growth to compel the Fed to ease credit conditions.

Utilities dominated the active list. Bell South was the most active NYSE-listed issue, off 3/8 to 40 3/4. Commonwealth Edison followed, edging down 1/8 to 31 3/8.

AT&T was third, off 1/8 to 23 7/8. Bell Atlantic fell 1/2 to 91 1/4.

Middle South Utilities was unchanged at 14 7/8, while Southern Company lost 1/8 to 21 5/8, both in active trading. Boston Edison, Niagara Mohawk Power and Cincinnati Gas & Electric moved higher.

IBM lost more ground, down 1/2 to 119 3/8.

Some other technologies lost some of the strength mustered early in the session but closed modestly higher. Cray Research was up 5/8 to 78 1/8. Data General added 1 1/8 to 33 1/8. Digital Equipment tacked on 3/8 to 88 7/8 and Advanced Micro Devices added 3/8 to 23. …

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