Market Withstands Penn Central Woes
NEW YORK, June 22ÛÓThe stock market suffered moderate losses today but withstood pressure from profit taking and the negative psychological effect on investors troubled by Penn CentralÛªs financial woes.</br></br>sion had petitioned for bankruptcy cast a dark shadow over early trading on Wall Street and sent the Dow spiraling downward nearly 9 points shortly after the opening bell.</br></br>Penn Central trading was delayed officially due to the influx of orders, and when it opened on a block of 450,000 shares just before the close, the stock was off 4s/8 at 6Vz.</br></br>Brokers said, however, that on the whole the market performed well in light of the Penn Central developments and the profit-taking that had been expected to follow last week's gains.</br></br>The Dow Jones industrial average of 30 selected blue chip issues, which soared more than 36 points last week, lost 4,32 to 716.11, although it had been off about 9 points during the first hour. A widespread view among analysts was that the market was ÛÏdue for some pullback,Û anyway, following last weekÛªs sharp gain. | tin The	United	Press	Internal tional marketwide indicatfov dropped 0.82 per cent, whichtbtinue, although at a slower the New York Stock Exchanftfte.