Industrials Lead Retreat in Stock Market: Trading Is Only Moderate
Blue chip industrials, taking keen losses, were prominent in the retreat. Utilities and rails, the latter reporting a rise in freight carloadings, were down only slightly.</br></br>It was a clear-cut decline and actually a continuation of the selling which developed late yesterday, when some of the higher-priced electronics and other ÛÏgrowthÛ issues were hit hard and their weakness began spreading elsewhere in the list.</br></br>Motors, chemicals, rails and a number of electronics also were down substantially, although some of the latter recovered from yesterdayÛªs selloff. TobaccoÛªs, drugs and rubbers worked a little higher.</br></br>The Associated Press average of 60 stocks fell 1.50 to 254.90 with industrials off 2.50, rails off .90 and utilities off .60.</br></br>An estimated $2.2 billion was clipped from the quoted value of stocks listed on the New York Stock Exchange, based on the fall in the AP average.