The stock market declined broadly today, retreating in the face o
Jul. 14, 1989
NEW YORK (AP) _ The stock market declined broadly today, retreating in the face of a fresh barrage of statistics on the state of the economy.
The Dow Jones average of 30 industrials, up 98.26 points over the past eight sessions, fell 17.27 to 2,521.05 by noontime on Wall Street.
Losers outnumbered gainers by about 2 to 1 in the overall tally of New York Stock Exchange-listed issues, with 433 up, 865 down and 560 unchanged.
Several reports from the government this morning lent support to the widespread view that the pace of economic activity was continuing to slow, fulfilling a primary goal of the Federal Reserve's credit policy.
The Fed reported a 0.2 percent drop in industrial production for June, and a decline in capacity utilization at the nation's factories, utilities and mines.
Separately, the Labor Department said its producer price index of finished goods dropped 0.1 percent last month. That number came in below advance estimates calling for an increase of between 0.1 and 0.3 percent.
However, the producer price index, excluding its sometimes volatile food and energy components, was up 0.7 percent. That left market participants without a clear-cut signal of slackening inflationary pressures, analysts said.
Time Inc. tumbled 8 to 142 and Warner Communications rose 1 to 63 . A judge in Delaware ruled against a bid by Paramount Communications to block Time's planned acquisition of Warner.
Losers among the blue chips included International Business Machines, down 1 1/4 at 113 5/8 ; General Electric, down 3/4 at 53 5/8 ; Union Carbide, down 3/8 at 27 1/2 , and Exxon, down 1/4 at 44 3/4 .
The NYSE's composite index of all its listed common stocks dropped 1.16 to 183.15. At the American Stock Exchange, the market value index was off .64 at 367.00.
Volume on the Big Board came to 94.04 million shares at noontime, up from 76.21 million at the same point Thursday.