Newspaper article THE JOURNAL RECORD

Stock Market Prices Down to Lowest Level in 6 Months

Newspaper article THE JOURNAL RECORD

Stock Market Prices Down to Lowest Level in 6 Months

Article excerpt

NEW YORK (AP) - A late burst of selling drove stock prices down to a six-month low Thursday as the market's early-1990 slide continued with little respite.

Analysts said stocks were battered once again by rising interest rates and corporate earnings reports that fell short even of Wall Street's reduced expectations.

The Dow Jones average of 30 industrials dropped 43.46 to 2,561.04, closing for the first time below the 2,569.26 level it hit in a severe but short-lived selloff last Oct. 13.

The average, which has fallen nearly 249.11 points over the past 17 trading days, reached its lowest close since it stood at 2,544.76 last July 18.

Declining issues outnumbered advances by about 5 to 3 in nationwide trading of New York Stock Exchange-listed stocks, with 539 up, 937 down and 474 unchanged.

Analysts said a few of the worries that had been weighing down the market appeared to have eased a bit.

Prices rose in the Japanese stock market, after a series of recent selloffs that had unsettled other markets around the world.

But brokers said that apparently wasn't enough to allay fears that the risks were increasing of a persistent slump in economic growth and corporate profits.

Interest rates reversed an early decline and extended their recent rise Thursday in the market for U.S. Treasury securities.

In addition, more blue-chip companies came in with fourth-quarter earnings reports that disappointed investors.

DuPont ranked among the volume leaders, down 2 at 37 3/8. On Wednesday the company reported fourth-quarter earnings of 71 cents a share, barely topping the 70 cents a share it posted for the comparable period a year earlier. …

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