Abreast of the market: Industrial Average slumps 36.89 on continuing interest rate fears
NEW YORK -- Rocked by another day of rising interest rates, stock prices fell sharply.</br></br>Although the weakness of the bond market appears to be related to signs of a pickup in the pace of economic activity, and not the result of surging inflationary fears, the lofty levels of the major stock indexes have left investors jittery enough to withdraw from the market at the first sight of higher rates.</br></br>The declines in the equity market were widespread, but several interest-rate sensitive areas, including S&Ls, banks and utilities, were among the day's biggest losers. On the other hand, the leading group on the upside was precious metals, an area that is often used as a haven against inflationary worries.</br></br>The Dow Jones Industrial Average fell 36.89, or 1.01%, to 3624.98. The New York Stock Exchange Composite Index was down 3.03, or 1.18%, to 253.47, and the Standard & Poor's 500-Stock Index, at 457.49, was down 5.53, or 1.19%. The Nasdaq Composite Index was off 15.69, or 2.03%, to 757.26.</br></br>On the Big Board, decliners led advancers 1,656 to 479. Volume was a strong 321,155,250, even when compared with Wednesday's 340,995,680 shares.