Stock prices sagged today after Thursday’s modest rally faded.
NEW YORK (AP) _ Stock prices sagged today after Thursday’s modest rally faded.
Investors showed some enthusiasm for stocks Thursday as the Treasury completed a three-day, $21.75 billion sale of bonds and notes. The auction drew a better response than some observers had expected.
But analysts said there were still widespread doubts on Wall Street that interest rates could go much lower in the near future.
Without a drop in rates, many Wall Streeters believe, economic growth and corporate profits must show some significant improvement if stocks are going to resume the rally they staged from early-May to mid-July.
There are hopes that that will happen, but hard evidence of it is still relatively scarce.
The Dow Jones average of 30 industrials fell 8.96 to 1,320.90, extending its loss for the week to 32.15 points.
Declines outpaced advances by about 4 to 3 on the New York Stock Exchange.
Big Board volume totaled 81.75 million shares, against 102.87 million in the previous session.
The NYSE’s composite index dropped .34 to 109.06.
At the American Stock Exchange, the market value index was up .08 at 232.58.