Stock prices were little changed today as the market absorbed som
Jan. 26, 1989
NEW YORK (AP) _ Stock prices were little changed today as the market absorbed some selling by traders cashing in on recent gains.
The Dow Jones average of 30 industrials dropped 1.78 to 2,264.11 by 11 a.m. on Wall Street.
Gainers and losers ran about even in nationwide trading of New York Stock Exchange-listed issues, with 577 up, 568 down and 569 unchanged.
Volume on the Big Board came to 61.76 million shares at midmorning.
Selling was encouraged by rising interest rates in the credit markets. Prices of long-term government bonds, which move in the opposite direction from interest rates, fell by nearly $5 for each $1,000 in face value.
Analysts said stock and bond traders were unsettled a bit by word of a 6.4 percent rise in new factory orders for durable goods last month.
That figure, which came in well above advance estimates, was interpreted as a sign of persistent strength in the economy.
Traders apparently concluded that it would serve as one more incentive for the Federal Reserve to maintain a relatively restrictive credit policy.
RJR Nabisco rose 3/8 to 95 3/8 in active trading. Drexel Burnham Lambert Inc. was reported to be close to completing financing arrangements for the buyout of the company by Kohlberg Kravis Roberts & Co.
The NYSE's composite index of all its listed common stocks slipped .03 to 162.30. At the American Stock Exchange, the market value index was up .34 at 319.84.