Technologies Reports Carry Dow Down 6.60

Stock prices pulled back slightly today as the market, weighed down in part by weakness in technology shares, relinquished some of the gains from Monday’s moderate advance.

The Dow Jones average of 30 industrials fell 6.60 to 2,298.20.

Declining issues outnumbered advances by about 4 to 3 on the New York Stock Exchange, 831 shares down, 639 up and 484 unchanged.

Big Board volume totaled 160.68 million shares, against 164.66 million in the previous session.

The NYSE’s composite index fell 0.48 to 165.95.

At the American Stock Exchange, the market value index slid 0.28 to 329.19.

Analysts said trading lacked direction in the early going because of the absence of any new developments on the economic or takeover fronts.

As the session continued, share prices headed down because of negative projections of earnings for technology issues.

Tandem Computers said its earnings for the quarter ended March 31 would fall short of expectations. The estimate, which pushed Tandem’s stock lower, followed disappointing forecasts from other computer manufacturers, including IBM, Digital and Unisys.

Jack Barbanel, a senior vice president at Gruntal & Co. Inc., said buying in the stock market subsided today as traders sorted through a range of previously disclosed takeover news.

“The market seems to be in somewhat of a holding pattern,” said Barbanel, adding that Wall Street may remain subdued this week, awaiting Friday’s release of U.S. employment statistics.

The Labor Department’s employment report for March will furnish a fresh indication of how much the economy is responding to the Federal Reserve’s efforts to slow growth and diffuse inflationary pressures.

Bond prices were narrowly mixed in light dealings today, and analysts said the market appeared to be marking time.