Newspaper article THE JOURNAL RECORD

Stock Market Mixed Following Steep Decline Shown Tuesday

Newspaper article THE JOURNAL RECORD

Stock Market Mixed Following Steep Decline Shown Tuesday

Article excerpt

NEW YORK (AP) - Stock prices turned mixed Wednesday following a steep decline in the previous session.

Trading was active.

The Dow Jones average of 30 industrials rose 2.24 points to 1,300.40.

But losers took a 4-to-3 lead over gainers among New York Stock Exchange listed issues.

""I think it wasn't so much a strong day but one of leveling off from a market that had been under pressure,'' said Lew Smith, of Bear Stearns.

On Tuesday, the Dow Jones average sank 10.98 to 1,298.16, its lowest level since it stood at 1,297.38 on June 19.

The analyst added: ""The principal areas that showed strength were rather well defined: technology stocks, airlines and drugs, though Merck was an exception. They typically display more volatility than most other groups.''

IBM rose 3/4 to 127 1/2. Control Data was up 1 1/8 at 18 3/4. Texas Insturments was up 1 1/8 at 94 7/8.

AMR, parent of American Airlines, was up 1 at 40 3/4. UAL, United's parent, was up 3/4 to 49 7/8. Airline stocks had led the Tuesday decline.

Upjohn was up 2 5/8 to 103 3/4.

But Merck fell sharply on concerns about one of its drugs causing several deaths in Europe. A component of the Dow average, it pulled that index down 8.29 points at midday. But the stock trimmmed its losses to 2 7/8 and closed at 107 7/8.

There was little reaction in the market to the Commerce Department's report that housing starts rose a strong 6.2 percent in August, the biggest increase in five months.

More significant will be the department's initial, or ""flash,'' estimate of the economy's third-quarter performance, due to be released Friday.

Richardson-Vicks fell 1 1/8 to 49. …

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