Dow Off 12; Volume Is Extra Light

Stock prices fell modestly today in the lightest trading in almost four years due to the Thanksgiving holiday and a power outage that halted trading for nearly two hours on the Big Board.

The Dow Jones industrial average closed down 12.13 points at 2,527.23, finishing the week with a net loss of 23.02 points. In the broader market, losing issues edged past gainers by a 7-6 margin.

The long Thanksgiving holiday weekend helped keep trading light at 63 million shares on the New York Stock Exchange. The power outage also curtailed volume and killed any early enthusiasm, traders said.

The last time fewer shares changed hands on the Big Board was Dec. 26, 1986, when volume was 48.9 million shares.

Blue chips were off before the forced time-out, rose when trading resumed, then dropped again in early afternoon trading. Traders blamed a sharp rise in oil prices and a drop in bonds for pulling Wall Street off its early highs.

Analysts said Thursday’s surprise resignation decision by British Prime Minister Margaret Thatcher had little effect on U.S. stocks.

“The policies will likely remain pretty much the same,” said Prudential-Bache market analyst Hildegard Zagorski. “Share prices in London are up, and that’s a plus for stocks here.”