Profit-Taking Pressures Send Stocks Downward
NEW YORK, July 16 (AP) ÛÓThe stock market took a sharp downward turn today, giving way to profit taking pressures that appeared to have been building up since the start of the week.</br></br>The Dow Jones average of 30 industrials, up about 3 points after the first hour, showed a 9.70 loss at 872.11 by the close. Declines outnumbered advances 968 to 529 among the 1,859 issues traded on the New York Stock Exchange.</br></br>The NYSEÛªs composite common-stock index slid .52 to 50,72, and Standard & PoorÛªs 500-stock index was down 1.00 at 94.61.</br></br>The day began with the market adding to the gains that carried it to a 15-month dosing high on Tuesday.</br></br>But as the morning wore on it became apparent that the market was meeting with increasing resistance from