Dow Loses 5.94 More in Uncertain Trading

The stock market was mixed today in an atmosphere of uncertainty after Tuesday’s volatile session.

The Dow Jones average of 30 industrials slipped 5.94 to 2,653.28.

But advancing issues outnumbered declines by about 9 to 8 on the New York Stock Exchange, with 766 up, 687 down and 487 unchanged.

Big Board volume totaled 155.65 million shares, against 237.96 million in the previous session.

The NYSE’s composite index dropped .53 to 189.52.

The Dow Jones industrial average had plunged about 80 points in early trading Tuesday, and then rebounded to recoup most of its loss.

Analysts said that typified the recent volatile behavior that has put many investors on their guard.

In addition, traders seemed reluctant to make big commitments in advance of the government’s report Thursday morning on the gross national product for the third quarter of the year.

The figures are expected to show a continued slowing of economic growth, possibly setting the stage for lower interest rates but also raising questions about the outlook for corporate profits.

Bond prices rose today, strengthened by what brokers called the “flight to quality” effects of the wobbly stock market.

Some bond strategists said a large unidentified Japanese institutional investor also buoyed bond prices by placing an order for nearly $1 billion worth of long-term Treasury securities at midmorning.

The Treasury’s key 30-year issue was up about 3/8 point, or about $3.75 per $1,000 in face amount, by midday. Its yield, which falls when prices rise, eased to 7.86% from 7.89% late Tuesday.

In the secondary market for Treasury bonds, prices of short-term governments rose from 1/8 to 1/4 point, intermediate maturities rose about 1/4 point and long-term issues rose about 3/8 point, the Telerate Inc. financial-information service reported.

The federal funds rate, the interest on overnight loans between banks, was quoted at 8 11/16%, unchanged from late Tuesday.