Newspaper article THE JOURNAL RECORD

Stock Market Loses Ground; Dow Industrials Fall 22 Points

Newspaper article THE JOURNAL RECORD

Stock Market Loses Ground; Dow Industrials Fall 22 Points

Article excerpt


NEW YORK (AP) - The stock market lost ground Tuesday after struggling to hold onto spotty gains for most of the session.

The Dow Jones average of 30 industrials fell 22.03 points to close at 2,494.06.

Advancing issues narrowly outnumbered losers by about 7 to 6 in nationwide trading of New York Stock Exchange-listed stocks, with 821 up, 695 down and 455 unchanged.

Volume on the floor of the Big Board came to 146.30 million shares, down from 152.65 million in the previous session.

Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 177.02 million shares.

As expected, the market opened on a soft note as traders continued to take selective profits following the 122-point runup in the Dow late last week. The key index flirted with postive territory before taking a decisive move lower in the final half hour of trading.

Continued haggling over the federal budget continued to weigh on the market. Shortly before the market closed, New Mexico Sen. Pete Domenici, the ranking Republican on the Budget Committee, said that an ``understanding'' on a deficit-reduction package appeared lost.

Other lawmakers also commented that much remains to be resolved on the tax portion of the bill.

Without a budget agreement, the Federal Reserve is unlikely to lower interest rates. The stock market generally benefits when the Fed eases credit because costs for businesses are reduced.

Separately, investors were uninspired by a further decline in the price of crude oil. …

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