Stocks Slump Again In Moderate Trade: Trading Moderate Fight...
NEW YORK, July 9ÛÓStock market prices tumbled to new lows for the year today amid continuing concern over the fate of the income tax surcharge and the even stronger anti-inflation steps that might be taken if the surtax is permitted to expire.</br></br>Without any rush of trading ÛÓbrokers said there were no signs of panicky sellingÛÓprices fell steadily from the opening bell. Major market indicators were near their lowest levels of the day at the close.</br></br>The Dow Jones Industrial Average finished with a loss of 8.75 points at 561.62, well below the previous bottom of 869.76 touched on June 27. It was the DowÛªs lowest close since April 1, 1968, when it finished at 861.25. Only one of the 30 stocks in the average was able to gain ground, one was unchanged and 28 fell. At that, it was better than on Tuesday, when all 30 stocks dropped.</br></br>Standard and PoorÛªs 500-stock composite was down 0.75 point to 968 and the New York Stock Exchange index lost 0.42 point to 53,70.</br></br>For the second day in a row, the ExchangeÛªs ticker tape was able to keep pace with trading throughout the day. At the close, 9.32 million shares had changed hands, exactly the same total as on Tuesday. Brokers were mixed in reaction to the relatively low turnover. Some saw it as a sign that the selling may be running out, while others are hoping for a technical ÛÏselling climaxÛ to clear the way for a rebound.