Newspaper article THE JOURNAL RECORD

Market Declines from Record; Day Market by Profit-Taking

Newspaper article THE JOURNAL RECORD

Market Declines from Record; Day Market by Profit-Taking

Article excerpt

NEW YORK (AP) - The stock market closed lower Wednesday, in busy, trendless activity marked by profit-taking in the wake of gains made in the previous record-breaking session.

The Dow Jones average of 30 industrials fell 8.30 points to 1,947.27.

Losers outpaced gainers by about 9-to-8 on the New York Stock Exchange, with 832 issues down, 746 up, and 435 unchanged.

Big Board volume totaled 200.14 million shares, compared with 230.35 million shares in Tuesday's session.

Throughout the day, the market hovered within a close range of Tuesday's close, but mostly on the downside.

``The market indulged in a little profit-taking,'' said Hildegarde Zagorski, an analyst at Prudential-Bache Securities Inc. ``You might call it the pause that refreshes.''

After a 43.03-point leap - its third-biggest gain in history - the closely watched index hit 1,955.57 at Tuesday's close.

Analysts said they had expected some profit-taking would follow. But many agreed that the general trend was still up.

``Even though we were down about eight points, it is still a very healthy market,'' said Carol Morrow, an analyst at the Piper Jaffray & Hopwood Inc. securities firm in Minneapolis.

``The advancers vs. decliners was almost a draw, which is nice to see. And I think the resiliency the market has shown is another plus,'' she said.

Ms. Morrow also predicted that the market's near-term directionwould be ``choppy, but it's going to trend upward.''

``We think the trend is very much upward, and we look for 2,000 by the end of the year,'' said Ms. Zagorski. ``Negative news hasn't knocked this market down yet, and we think it's going higher. …

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