Stocks Close Lower Despite Late Recovery: Rails, Motors Head Slump
NEW YORK, Nov. 10 <AP)ÛÓThe stock market sank sharply today for the second straight session. Trading was livelier. Volume rose to 5.01 million shares from 4.57 million yesterday.</br></br>Turnover was just a little over the average trading pace for 1964 and there was no great rush to unload. No dramatic piece of news accompanied the decline but Wall Streeters noted a string of labor walkouts throughout the country and continued concern about the steel price situation and increased wage payments for the railroads.</br></br>Market analysts said it is now late in a year which saw a very large stock market advance and that year-end tax-loss selling, profit taking and switching was in the normal course of events.</br></br>Motors, steels, rails, chemicals, aerospace isues, oils, building materials and electrical equipments were among the major groups which joined in the retreat</br></br>The market remained just about on dead center during, the morning hours, then some of the ÛÏbig stocksÛ began to weaken and selling spread throughout many sections of the list