Industrials Decline 4.19 as Signals On Interest Rates, Oil Are Mixed
The stock market received mixed signals on oil prices, interest rates and corporate earnings yesterday as it continued to digest last week's sharp gains.</br></br>Despite two feeble rally attempts yesterday morning, the Dow Jones Industrial Average finished 4.19 points lower at 1213.01. Volume rose to 92,260,000 shares from 81,020,000 Monday.</br></br>The transportation index fell 4.51 points to 537.16, and the utilities average closed 0.11 point lower at 143.36. Airline, railroad and automotive stocks showed slight losses.</br></br>"It was more of a drifting market than a sell-off," said Peter Da Puzzo, director of equity trading at Shearson Lehman/American Express. Volume on rising and falling issues was about evenly matched, he said.</br></br>Advancing issues on the New York Stock Exchange were slightly ahead of declining stocks at the closing bell.