Turnover Tops Five Million Shares: Averages Decline Slightly
NEW YORK, Feb. 3 (AP)ÛÓThe stock market declined irregularly and against stubborn resistance today in a hectic session which had all the earmarks of a temporary climax to the market's six-day advance.</br></br>Volume of 5.21 million shares compared with 4.9 million yesterday and was the heaviest sipce the yearend session of Dec. 30.</br></br>Large blocks were traded. It was obvious that profits were being taken by big trading interests. At the same time, offerings were being accepted so readily that not much damage was being done to the price structure. Public participation was described by brokers as very broad.</br></br>The aircraft - missile Û¢ electronics group, which has bounded ahead this week, was very active and mostly lower. Motor stocks were depressed by news of pending layoffs of 80,000 in the industry.</br></br>The Associated Press average of 60 stocks dipped a minor .20 below yesterdayÛªs historic high, closing at 236.60. Industrials were unchanged, rails off .20 and utilities off .30.