Market Takes Worst Loss in Four Months: 'Support Level' Cracked
NEW YORK, June 26 (AP)ÛÓThe stock market today took its worst loss in four months amid mixed economic news and discouragement in Wall Street over the inability of the market to rally after some weeks of consolidation.</br></br>Key stocks fell on a broad front, taking losses of fractions to 1 or 2 points. Among more Volatile issues there were declines of several points.</br></br>Most of the damage to prices was done in a brief but vigorous selling squall around mid-session. The market had been declining moderately and listlessly up to that lime. Then prices weakened suddenly and the ticker tape ran late under the increased selling.</br></br>A temporary and partial recovery followed. In final dealings, however, there was additional weakness and the closing level was the dayÛªs worst.</br></br>A good deal of blame for the decline was attributed to the fact that market averages had cracked through a "support levelÛ which had proved to be a floor for stock prices during the consolidation period late this spring. When this was penetrated decisively, more selling was generated.