Stock Market Grinds to Quick Halt
als that interest rates may have peaked and the economy is in reces-sion today triggered the biggest one-day, rally in bond market history. The same news stopped an early stock market rally dead in its tracks.</br></br>The Dow Jones average of 30 industrials, up more than 8 points in early trading, closed with a 12.11 loss .. at 771.25.</br></br>After its strong start, the stock market yielded to accumulating evidence of a business slowdown, including General MotorsÛª announce-'Û¢ ment of 12,000 layoffs and word that housing starts fell 21.8 percent last month.</br></br>The bond market, by contrast, staged , a sharp rally early in the day and h finished only slightly off its peak.</br></br>Loses of nearly a point or more on the active list included International Business Machines, down Vs at 51Vs; Exxon, off % at 56%; and Mobile, down 1% at 67. GM was off % at 43%.