The stock market posted a small loss today, meeting with more
NEW YORK (AP) _ The stock market posted a small loss today, meeting with more resistance from profit-takers after Tuesday’s mixed session.
Analysts said several seasonal forces continued to work in the market’s favor.
For one thing, they said, money managers at investing institutions appeared still to be doing some last-minute buying as they prepared their portfolios for first-quarter reports to clients.
For another, equity mutual funds are presumed to be receiving a steady stream of new money from investors making individual retirement account contributions for 1986 before the April 15 deadline.
But brokers said many traders looking past those temporary influences found the temptation strong to cash in some of their gains after the market’s runaway rise since the start of the year.
The Dow Jones average of 30 industrials, which had closed at record highs in each of the six previous sessions, slipped back 5.69 to 2,363.49.
Declining issues outnumbered advances by about 5 to 4 on the New York Stock Exchange, with 689 up, 854 down and 409 unchanged.
Big Board volume totaled 171.34 million shares, against 189.85 million in the previous session. The NYSE’s composite index dropped .58 to 170.50.