Market Drops to 903.97; Many Brokers Optimistic
NEW YORK, Feb. 7 CAP)ÛÓ [The stock market drifted lower today after pulling back from a small early gain.</br></br>The Dow Jones average of 30 industrials slipped 2.71 to 903.97. During the morning part of the session, the Dow was up nearly 2 points.</br></br>Turnover was very heavy early in the day, but as prices turned lower some of the selling pressure dried up, and trading slowed. Analysts interpreted this as a positive sign, saying it indicated a bullish undertone in the market.</br></br>Brokers noted the downward drift was part of the marketÛªs recent consolidation phase, in which the strong gains of the November to Jan-uaiT rally were being digested.</br></br>Aside from these technical factors, there was little in the news background to explain todayÛªs slide.