Overdue Profit Taking Drives Market Lower: Overdue Profit Taking...
NEW YORK, Feb, 24 (UPI) Overdue profit taking, fueled by recession news, drove the stock market to its worst loss in more than two months today in moderately active trading on the New York Stock Exchange.</br></br>The Dow Jones industrial average, a 15-point winner last week, fell 12.83 to 736.94, its worst loss since it dropped 15.64 on Dec. 2. Prior to this session, the Dow had gained 133 points in a New Year rally.</br></br>Standard & PoorÛªs 500-stock index lost 1.18 to 81.44. the NYSE index lost 0.59 to 43.11. The average price of a NYSE common share declined by 38 cents. Declines topped advances, 1,022 to 444, among the 1,823 issues crossing the tape.</br></br>Analysts generally said the profit taking was overdue because the market has made such a strong advance this year without pausing to catch its breadth. Some said a period of selling would be healthy for the market at this time.</br></br>2.8	per cent in January-prompted some of the selling. January machine tool orders also were off sharply.