Dow Starts the Day Late, Slips 11.63

Stock prices drifted lower today in a session delayed by problems that resulted from an overnight fire at a financial-district building.

The Dow Jones industrial average closed down 11.63 points at 2,625.50.

Volume on the New York Stock Exchange was a modest 102.9 million shares, with the start of trading delayed 90 minutes. Losing issues outnumbered gainers by about 3 to 2.

The fire may have slowed reaction to poor economic data.

The government reported that durable goods orders in November fell a sharp 10.5%. Economists had predicted a 3.1% decline.

“The delay gave us a chance to do a more sensible and less rushed analysis of the (economic) data,” said one analyst who thought today’s decline might have been deeper. “It lessened the chances of an emotional response.”

Ralph Bloch, chief technical analyst at Raymond, James & Associates, said concern over fourth-quarter corporate profits was also rising.

“That can keep the market on edge,” he said.

Losers among the blue chips included American Telephone & Telegraph, down 1/4 at 30 an hour before the close; General Electric, down 1/8 at 57 1/4, and General Motors, down 3/8 at 34 3/8.

Tiffany & Co. fell 2 3/8 to 34 7/8 on top of a 4 3/8-point loss Wednesday, when the company said its holiday sales in the United States came in below expectations.

Bond prices jumped in thin trading early today as traders responded to the government report on durable goods.

The Treasury’s bellwether 30-year bond was up 13/32 point, or $4.06 per $1,000 in face amount, around midday. Its yield, which falls when prices rise, dropped to 8.24% from 8.28% late Wednesday.

The federal funds rate, the interest banks pay each other on temporary loans, gyrated amid what analysts said were end-of-the-year moves by banks that reduced the availability of federal funds.