Drab News Depresses Market: News Helped Averages Down Amex Declines
I NEW YORK, Nov. 22 lAlÛªli The stock market retreated again today under the continued barrage of drab economic news but perked up and cut its losses late tn the day In hope that President Johnson might succeed In avoiding a tax boost.</br></br>The Dow Jones industrial average ended with a loss of 3.18 at 794.98, having recovered from a loss of 7.90 at 790.20. At that level, the Dow was at the top of what chartists believed would be a support zone running from 780 to 790.</br></br>Brokers said It was news I rather than a theoretical chart] support which wiped out many losses. They cited news from Austin, Texas, that Johnson had gone into an agency-by-agcncy study of what programs he can cut hack to save at least $3 billion.</br></br>Since the Johnson Administration lias been reported in the throes of deciding whether or not to raise taxes. Wall Street interpreted the latest news story as meaning that the President was making efforts to save money so that a tax increase would not be needed. Stocks began to cut losses immediately. A number of previous losers emerged with gains.</br></br>Although most over-all statistics remained on the downside, the most actively traded stocks had 11 winners, three losers and one unchanged, Ford.