Market Prices, Pace Dip: Stock Market Prices, Pace of Trading Drop
NEW YORK, May 28 (UPI)ÛÓInvestors, uncertain over the status of high interest rates, marked time today and prices edged lower in light trading on the New York Stock Exchange.</br></br>Arthur Burns, chairman of the Federal Reserve Board, indicated during the Memorial Day weekend that the Fed would not ease its tight-money stance. This could prompt further increases in interest rates which are at record levels.</br></br>The stock market appeared encouraged Friday when major banks did not raise the prime rateÛÓthat charged their most creditworthy corporate customers. But BurnsÛª statement cooled the enthusiasm which had prompted a rally late Friday.</br></br>The Dow Jones industrial average reflected this concern. It lost 2.35 to 814.30,. after having been ahead around 3 points at the outset. The NYSE index of 1,-500 listed stocks lost 0.10 to 46.49.</br></br>Standard & PoorÛªs 500-stock index was down 0.21 at 88.37. Declines topped advances by 697 to 657 among the 1,753 issues crossing the tape.