Stocks Skid on Broad Front: Heavy Selling Resumes In Shortened ...
NEW YORK, Jan. 22 ÛÓ The stock marketÛªs temporarily shorter hours were not short enough today. The list dropped sharply throughout the session and finished with broad losses in almost all sectors.</br></br>The Dow Jones industrial average tumbled more than three points in the first 30 minutes, was down more than five after an hour and finished with a loss of 8.61 points at 871.71. It was the tenth loss in a row for the Dow, with the average down almost 40 points in that span.</br></br>Volume on the NYSE ran ahead of FridayÛªs pace on an hour-by-hour basis, but the 90-minute reduction in trading time held total turnover to 10.63 million shares, compared with 11.95 million in last weekÛªs final session.</br></br>Declining stocks led advances by just about four to one, but it was only the fourth day in the last ten that more issues have lost ground than gained. There were 1072 issues on the downside and 274 that rose. On Friday, 752 stocks fell and 522 rose. New 1967-8 highs dropped to 37 from 77 and and new lows jumped to 23 from eight.</br></br>Some bullish economic news that reached Wall Street before the market opened hardly had a chance to affect the outcome. The jump in new durable orders in December and the increase ÛÓalthough at a slower pace-in personal income in the same month were pretty well overlooked, at least in the end result.