The stock market lost more ground today as Wall Street’s late-sum
NEW YORK (AP) _ The stock market lost more ground today as Wall Street’s late-summer slide continued.
The Dow Jones average of 30 industrials slipped 3.19 to 2,541.93 in the first half hour of trading.
Losers outnumbered gainers by about 4 to 3 in the overall tally of New York Stock Exchange-listed issues, with 495 up, 656 down and 448 unchanged.
Volume on the Big Board came to 24.24 million shares as of 10 a.m. on Wall Street.
Stocks began to attract support from buyers late in Tuesday’s session after the Dow Jones industrial average briefly dropped below 2,500.
Analysts said that raised hopes that the market was close to completing a ″correction,″ or temporary pullback, from the record highs it reached last month.
But the bulls got no help today from the credit markets, where interest rates kept rising, pushing yields on the longest maturities of Treasury bonds above 9.7 percent.
A slumping dollar and rising interest rates have been cited as the primary forces behind the stock market’s recent decline.
Among actively traded blue chips, Ford Motor rose 1 1/8 to 103 ; American Telephone & Telegraph was unchanged at 32; International Business Machines dropped 7/8 to 156 7/8 , and Eastman Kodak was down 5/8 at 98 1/4 .
The NYSE’s composite index of all its listed common stocks lost .13 to 175.46. On the American Stock Exchange, the market value index was down .18 at 346.95.
On Tuesday the Dow Jones industrial average dropped 16.26 to 2,545.12.
Declining issues outnumbered advances by about 6 to 1 on the NYSE, with 252 up, 1,532 down and 257 unchanged. Big Board volume totaled 242.8 million shares, against 129.07 million in the previous session.