Related topics

The stock market showed a broad loss today in a selloff that hit b

February 23, 1987

NEW YORK (AP) _ The stock market showed a broad loss today in a selloff that hit bank issues especially hard.

The Dow Jones average of 30 industrials dropped 23.49 points to 2,211.75 by 2 p.m. on Wall Street.

Losers outnumbered gainers by nearly 4 to 1 in the overall tally of New York Stock Exchange-listed issues, with 323 up, 1,238 down and 348 unchanged.

Stocks of leading money-center banks tumbled following word that Brazil had suspended payments on its commercial foreign debts.

Citicorp lost 3 3/4 to 54 1/2 ; Chase Manhattan 2 to 38 1/8 ; Manufacturers Hanover 1 1/2 to 46 3/8 ; J.P. Morgan 1 3/4 to 45 1/2 , and Chemical New York 2 5/8 to 46 1/2 .

As those issues plunged, analysts said, selling spread through the rest of the market, intensified by professionals engaged in computer-program trading maneuvers.

Brokers also said investors responded cautiously to news of an international agreement to try to stabilize foreign-exchange markets.

Over the weekend finance ministers of the United States and five of its biggest trading partners indicated their willingness to take steps to keep the dollar from falling much further against some key foreign currencies.

West Germany and Japan also agreed to make efforts to stimulate demand in their economies.

Blue chips contributing to the Dow’s loss included Eastman Kodak, down 1 5/ 8 at 78 3/8 ; Sears Roebuck, down 1 3/8 at 51 5/8 ; General Electric, down 7/8 at 100 1/8 , and Exxon, down 7/8 at 80 1/2 .

The NYSE’s composite index of all its listed common stocks dropped 2.19 to 160.63. At the American Stock Exchange, the market value index was down 2.99 at 314.91.

Volume on the Big Board came to 122.08 million shares with two hours to go.

Update hourly