List Posts Small Decline in Week: Trading Tapers Off
NEW YORK, May 28 (AP)ÛÓThe stock market this week posted its first decline in four weeks as trading simmered down.</br></br>It was a sharp contrast wifh the prior week when stocks made their biggest advance since last July as excitement rose over the collapse of the Summit Conference.</br></br>The news background this week was more prosaic. Although Wall Street believed defense spending must be increased in view of the tense international situation, traders had plenty of room in. which to take profits on the space age issues and other "romanceÛ stocks.</br></br>As steel production headed for one of the sharpest dips of the year, leaders .of the industry gathered in New York and predicted an upturn in steel output some, time this summer. Nevertheless, the general effect was negative for the time being as cutbacks were reported by some steel-using industries as well as by major steel, producers.</br></br>Despite the generally uncertain atmosphere, some of the "glamourÛ stocks made amazing strides and kept large gains on the week although temporary losses were taken from time to time.