The stock market was mixed today, leveling off after Tuesday’s st
NEW YORK (AP) _ The stock market was mixed today, leveling off after Tuesday’s strong gain.
The Dow Jones average of 30 industrials, up 12.32 on Tuesday, slipped back 2.80 to 1,338.15 by 11 a.m. today on Wall Street.
Gainers held a 3-2 lead over losers among New York Stock Exchange-listed issues.
Analysts said a mounting flow of takeover news and rumors had helped stir up a revived interest in stocks generally.
They also noted persistent hopes for a pickup in the pace of the economy, and an eventual improvement in corporate profits. The Commerce Department reported this morning that new factory orders rose 0.9 percent in August.
But a barrage of selling in hospital-management stocks seemed to take the edge off investors’ enthusiasm.
Hospital Corp. of America tumbled 71/8 to 317/8 . On Tuesday the company said it was likey to have flat earnings for the fourth quarter if recent downward trends in hospital utilization rates continue.
American Medical International, which reported lower quarterly profits, was down 31/2 at 173/4 . Elsewhere in the group, National Medical Enterprises fell 23/4 to 197/8 and Humana was down 23/4 at 26.
Revlon climbed 21/2 to 527/8 . Michel Bergerac, the company’s chief executive, said its directors met Tuesday night to consider several proposals for a takeover, buyout or liquidation of the company.
The NYSE’s composite index of more than 1,500 common stocks was up .02 at 106.79. At the American Stock Exchange, the market value index rose .10 to 224.33.
Volume on the Big Board reached 53.45 million shares as of mid-morning.