Newspaper article THE JOURNAL RECORD

Stock Market Down for Day; Military Contractors Higher

Newspaper article THE JOURNAL RECORD

Stock Market Down for Day; Military Contractors Higher

Article excerpt

NEW YORK (AP) - The stock market posted some scattered losses Monday as traders reappraised the progress and prospects of the war in the Persian Gulf.

But shares of high-technology military contractors rose sharply after some of their products appeared to pass battle tests in the fighting.

The Dow Jones average of 30 industrials, which jumped a record 145.29 points last week, fell back 17.57 points to 2,629.21.

Declining issues outnumbered advances by about 5 to 4 in nationwide trading of New York Stock Exchange-listed stocks, with 732 up, 771 down and 464 unchanged.

Volume on the floor of the Big Board tailed off to 136.29 million shares from 226.77 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 165.26 million shares.

Analysts said weekend news reports from the fighting in the Middle East cooled some of the financial euphoria that followed the start of hostilities last week.

For one thing, they said, early speculative visions of a quick victory for U.S.-led forces faded considerably.

Oil prices, which fell precipitously last week, bounced upward in Monday's activity. Crude oil for February delivery climbed more than $2 a barrel, to around $21.30 a barrel, on the New York Mercantile Exchange.

U.S. interest rates also turned upward. In the credit markets, prices of long-term government bonds dropped about $5 for each $1,000 in face value, increasing their yields to about 8.21 percent.

Investors' appetite remained keen, however, for stocks of companies that make some of the weapons and systems used in the hostilities against Iraq. …

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