Newspaper article THE JOURNAL RECORD

Industrials Dip 7.59 Points; Losers Outpace Gainers 7-6

Newspaper article THE JOURNAL RECORD

Industrials Dip 7.59 Points; Losers Outpace Gainers 7-6

Article excerpt

NEW YORK (AP) - The stock market lost ground Thursday, after a session of aimless drifting marked by continued profit-taking in the wake of Tuesday's major gains, analysts said.

The Dow Jones average of 30 industrials generally hovered within a few points of Wednesday's close for most of the day, then dropped off by 7.59 to finish at 1,939.68.

Losers outpaced gainers by nearly 7-to-6, with 824 issues down, 703 up and 499 unchanged on the New York Stock Exchange.

Big Board volume totaled 156.91 million shares, compared with Wednesday's total of 200.14 million shares.

``When we have a strong move, as we did on Tuesday, it is not unusual to have a common-sense correction, or ordinary profit-taking,'' said Hugh Johnson, senior vice president of First Albany Corp. in Albany, N.Y.

He was referring to Tuesday's explosive 43.03-point leap in the closely watched index, to a record close at 1,955.57. On Wednesday, the index also fell back - by 8.30 points - in what analysts said was mainly profit-taking.

Analysts said another factor influencing Thursday's action was the prospect of Friday's November unemployment report.

They said some traders were apparently waiting for that report to see if it might offer new clues on the direction of the economy.

Despite the losses over the two days, however, many remained generally bullish on the market's short-term outlook.

``Any selloff here will be limited on the downside,'' said Bernadette Murphy, an analyst with the Shaw & Co. securities firm. ``I think the market will hold together for the rest of the year.''

Analysts have been impressed by the market's continuing strength in the face of continuing uncertainty about the economy's direction and a recent spate of bad news, including the Iran arms imbroglio and the insider trading scandal. …

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