Procrain Selling Sinks Dow: 28.37-Point Decline Follows Monday Rally
NEW YORK, Jan. 9ÛÓIn a reversal of MondayÛªs stock market rally, the Dow industrials sank more than 28 points today after a bout of program selling in the final hour undermined what had been a relatively stable session, traders said.</br></br>With institutional money managers continuing to sit on the sidelines, anxious about upcoming earnings reports, the market remains under the sway of short-term professional traders. But among these, sentiment had turned cautious on the widespread recognition that Monday's 22-point Dow rally was largely a creature of index arbitrage.</br></br>ÛÏOther than for the programs, the market gave a good account of itself," said one block trader for a major brokerage house. ÛÏBut everyone's on pins and needles waiting for the run of fourth-quarter earnings.Û 2766.00,	down 28.37, while declines outpaced advances on the Big Board by almost a 2-to-l ratio on moderate volume of 156 million shares, expanding from 140 million on Monday.</br></br>With the dollar up all day against both the yen and the West German mark and the bond market firm at least during the morning, some trad-</br></br>ers said it will be only a matter of time before the Dow mounts a drive to new highs above the 2810.15 record close of the yearÛªs first trading day. But strategist Rao Chalasani at Prescott Ball and Turben said; ÛÏThe dollarÛªs strength right here is probably unsustainableÛÓthereÛªs no fundamental reason why the dollar should be above 145 yea.Û The dollar was up