Newspaper article THE JOURNAL RECORD

Markets Slip in Light Trading

Newspaper article THE JOURNAL RECORD

Markets Slip in Light Trading

Article excerpt

NEW YORK (AP) _ The stock market finished a short session mostly higher Friday as falling interest rates offset a selloff in oil issues.

A subdued, post-holiday atmosphere prevailed on Wall Street and tended to mute the impact of factors that normally might have attracted buyers.

Trading was extremely light with volume on the New York Stock Exchange floor amounting to 90.12 million shares as of 1 p.m. EST, when the abbreviated session ended. It was the lowest total of any day this year and was down from the pre-holiday quantity of 229.30 million on Wednesday. The market was closed Thursday for Thanksgiving.

The Dow Jones industrial average sagged 3.63 to 3,683.95 and lost 10.06 points in the week.

But broader market measures fared better and advancing issues outpaced declines on the Big Board by about 5 to 3.

The NYSE composite index rose 0.48 to 255.61, winding up the week with a barely perceptible change of up 0.08. The Standard Poor's 500 index closed at 463.06, up 0.70 for the day and 0.46 higher for the week. The Nasdaq composite added 1.69, rising to 754.87, giving it a gain of 3.31 for the week. And, at the American Stock Exchange, the market value index edged 0.04 lower to 463.47, making it 4.51 lower than a week earlier.

Oil stocks slumped in reaction to news that the Organization of Petroleum Exporting Countries decided against attempting to impose crude production cuts. The cartel's action sent oil prices to a five-year low Thursday in overseas trading and continued to depress prices Friday.

Among the actively traded Big Board issues, Texaco tumbled 1 to 63, Exxon lost 1 to 61 and Chevron fell 4 to 85. All three are components of the Dow industrial average.

What was bad news for oil companies was good news for transportation companies. The Dow Jones transportation average jumped 28. …

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