Blue Chips Depressed in Uneven Market: Trading at Modest Pace
NEW YORK, Jan. 2 (AP)ÛÓTlie Stock MarketÛªs 1962 debut was far from glamorous. Although nine more stocks advanced than declined today, the averages were dragged down to sharp losses by steep declines in blue chips. Trading was moderate.</br></br>Profit taking on some of the large gainers of 1961 was said by brokers to be a big factor in the fall of the averages. American Telephone, which had a net gain of 29 points last year, fell 2 Vi. Certain-Teed, which rose 40Vi in 1961, dropped 2%.</br></br>Meanwhile, volume dwindled to a routine 3.12 million shares from the 5.37 million traded in the hectic yearend session.</br></br>The business news background was excellent, for the most part. Commerce Secretary Luther Hodges predicted a big gain in national output in the current year. Steel producers said shipments of the metal will make big gains this month. Copper producers forecast continued good demand for the metal and stable prices.</br></br>The market advanced in early trading but began to soften almost immediately. A large assortment of defense contracts helped some of the aerospace issues but failed to generate any enthusiasm in the list as a whole.