Mart Takes 4th Drop As Selling Continues: Oils Lose Caution Still a Factor
NEW YORK, July 10ÛÓThe stock market dropped to its third sharp loss today, with few buyers willing to counter the orderly but steady selling.</br></br>Prices were lower from the bell, but it took a while for the marketÛªs direction to become clearly established. A delayed opening in Chrysler, at a loss of more than four points, appeared to settle the question and the trend was lower for the rest of the session.</br></br>The Dow Jones Industrial Average broke under the hoped-for support level at 860 early in the day, tumbled all the way through the 850Ûªs and closed the day at 847.79, down 13.83 points. It was the DowÛªs biggest one-day loss since Feb. 17, when it fell 14.23 points, and the lowest close for the Dow since March 29, 1968, when it finished at 840.67.</br></br>The New York Stock Exchange index was down 0.85 point to 52.85. Standard and PoorÛªs 500-stock lost 1.50 points to 95.38.</br></br>Volume for the day climbed to 11.45 million shares from 9.32 million traded Wednesday. The Stock ExchangeÛªs ticker tape did not run late any time during the day.