Newspaper article THE JOURNAL RECORD

Stock Market Dip Continues, Industrials Down 19.77 Points

Newspaper article THE JOURNAL RECORD

Stock Market Dip Continues, Industrials Down 19.77 Points

Article excerpt

NEW YORK (AP) - The decline on Wall Street went into a second day Tuesday as stock traders, searching for a direction, found one in the slumping bond market.

The Dow Jones average of 30 industrials fell 19.77 to 2,467.95.

Declining issues outpaced advancers by a margin of about 11 to 5, with 1,076 stocks down, 487 up and 417 unchanged on the New York Stock Exchange.

Big Board totaled 186.57 million shares, against 168.14 million in the previous session.

The drop on the bond market gave direction to an otherwise aimless Wall Street session. The Dow Jones industrial average traded in a narrow range until mid-afternoon, when it dropped sharply.

A wave of computerized program selling ``really greased the skids'' in the last hour of trading, said Alfred Goldman, director of technical market analysis with A.G. Edwards & Sons Inc. in St. Louis.

Goldman said the continuation of Monday's decline, in which the Dow Jones industrial average fell more than 22 points, indicated Wall Street was going through a consolidation.

Many analysts have predicted the market would correct itself after the industrial average climbed 300 points in two months.

Michael Metz, a vice president with Oppenheimer & Co., said many traders were using the drop in bond prices as an excuse to take profits.

Analysts said there was little else to influence the market.

Jack Solomon, an analyst with Bear Stearns & Co. said there was some nervousness on Wall Street as traders waited for the release of consumer price figures on Wednesday. Also Wednesday, the U.S. was expected to begin escorting Kuwaiti tankers past the threat of Iranian attack in the Persian Gulf. …

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