Dow Slips 10.64 on High Tech Stock Losses
The stock market fell today, with losses among high-tech issues helping to erase Monday’s modest gains.
The Dow Jones average of 30 industrials fell 10.64 points to 2,586.14.
Declining issues outnumbered advancers by about 9 to 5 on the New York Stock Exchange, with 564 up, 981 down and 479 unchanged.
Big Board volume totaled 145.33 million shares, against 138.65 million in the previous session.
The NYSE’s composite index fell 1.16 to 178.42.
At the American Stock Exchange, the market value index fell .50 to 306.11.
Analyst Jack Solomon at Bear Stearns & Co. said high-tech stocks were down on a disappointing report on orders and shipments for computer chips as well as discouraging overviews taken by some computer industry analysts.
“This whole high-tech area has suddenly been punctured, and that puts a damper on the market,” Solomon said.
Other analysts said the market seemed to be showing a technical weakness, because it fell at the same time oil prices and interest rates were dropping. In other recent sessions, that might have pushed stocks higher.
Analysts said the bond market’s rally, which began last week and continued into Monday, was cooling.