Prices Slump on Fast Trade in Final Hour: 4.48 Chopped From Dow
NEW YORK, Feb. 27 (AP)ÛÓWhat brokers called a ÛÏtiredÛ stock market moved unevenly most of today, then sank to a sharp loss in the final hour.</br></br>Although trading quickened while prices were sinking, volume was a light 3.7 million shares compared with 3.67 million yesterday.</br></br>The setback, the second sharp decline this week, was generally regarded as part of the corrective process to be logically expected following the big advance from late October to mid-February.</br></br>The Dow Jones industrial average dropped 4.48 to 670.80. The Associated Press average of 60 stocks fell 1.5 to 254.6 with industrials off 2.5, rails off .6, and utilities off .6.</br></br>Sunray DX Oil was the volume leader, rising 114 to 30'4 on 86,300 shares. Second was Gillette, up 14 at 33J4 on 56,200 shares. Third was American Motors, off 14 at 20% on 55,100 shares.