Scrambled Market Moves a Trifle Lower: Early Advance Wiped Out
NEW YORK, Jan. 15 (AP)ÛÓThe stock market backed away from a continued rally and closed mixed today, with most indicators showing slight losses. Trading was fairly active.</br></br>As on other rare occasions in the new year when the market was not rising, stocks gave ground grudgingly. Prices were slightly higher in the morning when the list followed through on yesterdayÛªs rise. The impetus of President KennedyÛªs tax-cut program, lohg anticipated, seemed to have run its course for the time being.</br></br>AVall Streeters seemed content to wait for the long process of Congressional action to put tax cuts into effect. Meanwhile, the market backdrop included such items as industrial production holding steady in December, retail sales for the month remaining at the record November level, and a December rise in personal income.</br></br>It was the first of 11 straight sessions in which more stocks declined than advanced, the score being 556 to 504,</br></br>The Dow Jones industrial average took a slight loss of .38 at 675.36. The Associated Press average of 60 stock'; was down a moderate .4 at 252.8 with industrials off .4, rails off .6, and utilities off .2.