The stock market declined moderately today, backing away from the
Jul. 01, 1985
NEW YORK (AP) _ The stock market declined moderately today, backing away from the record highs it reached late last week.
The Dow Jones average of 30 industrials, up 10.98 points last week, dropped back 5.49 to 1,329.97 by 3 p.m. today on Wall Street.
Losers held a 6-5 lead over gainers among New York Stock Exchange-listed issues.
Analysts said traders were inclined to cash in some profits after the market closed out the first half of 1985 with several indicators at all-time highs.
Trading was expected to be relatively quiet this week, with the Independence Day holiday on Thursday breaking up the usual routine.
Evidence has accumulated lately that the economy picked up momentum toward the end of the second quarter after a sluggish start earlier in the year.
While they prompted greater expectations for corporate profits in the months ahead, signs of renewed business expansion also have raised questions about whether interest rates can continue to fall.
Prices of long-term government bonds, which move in the opposite direction from interest rates, were mixed today. Rates on short-term Treasury bills moved up a bit.
Times Mirror jumped 4 to 573/4 . The company said it began a tender off for 7.5 million of its shares at $60 apiece.
The NYSE's composite index slipped .15 to 110.96. At the American Stock Exchange, the market value index was down .04 at 230.85.
Volume on the Big Board came to 74.38 million shares with an hour to go.