Market Ends Mixed; Dow Falls 8.85 : Profit Taking Catches Up With Some Big-Name Stocks

The stock market was mixed Friday, faced with continuing resistance from profit takers.

The Dow Jones average of 30 industrials fell 8.85 to 2,235.24, reducing its gain for the week to 51.89 points. Most other, broader market indicators recorded small daily gains.

Volume on the New York Stock Exchange came to 175.75 million shares, down from 181.53 million Thursday.

Since it rolled up a record 54.14-point gain on Tuesday, the Dow Jones industrial average had been inching ahead to new record closing highs. But a good many smaller secondary stocks not represented in the Dow had dropped back from their peaks.

That pattern shifted Friday, as selling focused on the big-name stocks.

The Bank of Japan lowered its discount rate from 3.0% to 2.5%, a move that had been expected. Prices were mixed in the U.S. government securities market following that announcement.

Reports About Brazil

Money-center bank stocks were generally weak amid reports of new troubles for Brazil in meeting its foreign debt commitments. Citicorp lost 3/4 to 58, Chemical New York fell 3/8 to 49 1/8, Chase Manhattan dropped 1 1/2 to 40 1/8 and Manufacturers Hanover fell 7/8 to 47 7/8.

Retailing issues, by contrast, turned in a strong showing. Sears, Roebuck rose 1 3/4 to 53 1/2; K mart gained 3 3/8 to 59; J. C. Penney rose 1 to 94 3/4, and Federated Department Stores rose 2 to 94 1/8.

In the credit markets, bond prices were mostly lower in quiet trading, a reaction to the uncertain outcome of the weekend meetings by finance ministers and central bankers from leading industrialized nations. The Treasury’s key 30-year issue fell around point, or $2.50 per $1,000 face value, while its yield edged up to 7.55% from 7.53%. Corporate and municipal bonds also were lower.

The federal funds rate, the interest on overnight loans between banks, finished at 5.875%, unchanged from late Thursday.