Dow Can’t Get Motivated--Closes Off 5.69

Stock prices declined slightly today, turning downward in the late stages of a drifting session as traders kept a close watch on oil prices.

The Dow Jones average of 30 industrials slipped 5.69 points to 2,442.33.

Advancing issues slightly outnumbered declines on the New York Stock Exchange, with 744 up, 736 down and 472 unchanged.

Big Board volume totaled 156.06 million shares, against 153.45 million in the previous session.

The NYSE’s composite index edged up .09 to 166.17.

Analysts said stocks drew some tentative support from a drop in oil prices as the session began. By midafternoon, however, oil had recovered its early losses.

In the economic news, the Commerce Department reported that new factory orders rose 0.1% in September. Excluding oil, however, the total showed a 1.1% decline.

On Tuesday the government reported a stronger-than-expected gain in the gross national product, at a 1.8% annual rate after adjustment for inflation, in the third quarter of the year.

But brokers said that failed to convince most market participants that the business outlook had improved to any significant extent.

Bond prices rose slightly in sluggish trading early today as traders awaited the Treasury announcement of next week’s quarterly funding.