Stock Prices Slip, but Avoid Broad Fall

Article excerpt

NEW YORK (AP) _ The stock market finished lower Wednesday, after staging a partial recovery from a broad fall that came in tandem with sagging bond prices. The Dow Jones average of 30 industrials fell 23.92 points to 2,961.99. Early in the afternoon, the Dow average had sunk to a low for the day of 2,936.49 points. Declining issues outnumbered gainers by almost 4 to 1 in nationwide trading of New York Stock Exchange-listed stocks, with 1,238 down, 364 up and 471 unchanged. Volume on the floor of the Big Board came to 166.50 million shares, up from 161.61 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 202.44 million shares. Analysts could not pinpoint any particular feature spurring the decline, which hit virtually every sector of the market, other than to say the stocks seemed to be following the bonds. "It's across the board," said Jonathan Dodd, a vice president and technical market analyst at Dean Witter Reynolds Inc. "It's secondary stocks and broad averages." The market has been mostly moving down following the Dow average's recent moves above 3,000 points, and Dodd viewed Wednesday's session as a continuation of that trend. "There's been some added fuel to the fire to so to speak, with Treasury bonds being whacked again," he said. …

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