Market Declines By 11.06: Dow Average At Its Lowest In 5 Months
NEW YORK, March 21 (AP) ÛÓ Slock market prices fell to a five-month low today amid investor worries over rising interest rates and soaring inflation.</br></br>The Dow Jones average of 30 industrials, after attempting a feeble rally earlier in the session which rushed it up around 6 points, closed with a loss of 11.06 at 938.37. This was the lowest dose since Oct. 19, 1972, when the blue-chip indicator stood at 932.12.</br></br>Analysts said, however, that the main reason for the market decline was not precipitous selling but a lack of buying.</br></br>The government report that consumer prices had hit a 22-year high last month, plus uncertainties surrounding T h ursdayÛªs meeting between bankers and government officials concerned with the 'ÐÊ> per cent boosting the prime lending rate, also discouraged investors, analysts declared.</br></br>Also in the news background was the report that mutual-fund sales again exceeded redemptions in February.