Industrials Slump, but Small Stocks Advance

THE JOURNAL RECORD, November 11, 1992 | Go to article overview

Industrials Slump, but Small Stocks Advance


NEW YORK (AP) _ Small stocks outperformed their blue-chip counterparts again Tuesday as investors continued to find gems among secondary issues.

The Dow Jones average of 30 industrials lost 15.40 points to close at 3,225.47. A late round of computer-triggered program selling ensured the key index closed at its session lows.

But advancing issues actually outnumbered declining ones by about 5 to 4 on the New York Stock Exchange.

Volume on the floor of the Big Board came to 221.85 million shares as of 4 p.m., up from 197.49 million in the previous session.

The market got an initial boost from a government report showing wholesale prices edged up a tiny 0.1 percent in October _ the best performance since August and an indication inflation is well under control.

But equities then wavered, with blue-chip issues giving ground as secondary stocks continued their upward move.

Small-capitalization stocks have been in the spotlight in recent weeks. Analysts said part of the reason is technical _ they had been hit harder than blue chips earlier in the year. But there is also the belief that small businesses may benefit more than their large counterparts under President-elect Bill Clinton.

Analysts said large multinational corporations have suffered in part because of the Clinton factor as well as from the recent runup in the value of the dollar. As the dollar rises, the value of a company's profits that are earned in a foreign currency declines.

"This is a better looking market than the Dow itself would suggest," said Dick Hoey, chief economist at Dreyfuss Corp. "The underlying pattern is that strength has been very intense in midcapitalization and technology growth stocks even in a market that's kind of flat. …

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