The stock market was mixed today in the face of some stronger-tha
Nov. 20, 1985
NEW YORK (AP) _ The stock market was mixed today in the face of some stronger-than-expected news on the economy.
The Dow Jones average of 30 industrials rose 2.41 to 1,441.40 by 11 a.m. on Wall Street.
But losers held a 5-4 lead over gainers among New York Stock Exchange- listed issues.
Before the market opened, the Commerce Department reported that the gross national product grew at a 4.3 percent annual rate in the third quarter, after adjustment for inflation. Last month GNP growth for the third quarter had been estimated at 3.3 percent.
The upward revision surprised many analysts on Wall Street. But it was not taken as an unequivocal plus for the economic outlook or the stock market.
For one thing, some observers said the details of the report suggested that business inventories were higher than previously thought, raising the prospect of sluggish production activity in the current quarter and perhaps in early 1986.
For another, the brisk pace of activity was seen as a possible negative for future declines in interest rates.
Texaco led the active list, down 3/4 at 351/2 on top of a 3-point drop Tuesday, when a jury ruled that the company must pay more than $10 billion in damages to Pennzoil Co.
Texaco said it would immediately appeal the judgment, which arose from a takeover battle in which Texaco wrested control of Getty Oil from Pennzoil.
Pennzoil shares rose 1/2 to 58.
The NYSE's composite index of all its listed common stocks slipped .02 to 114.60. At the American Stock Exchange, the market value index was down .15 at 238.43.
Volume on the Big Board came to 34.83 million shares after the first 90 minutes of trading.