Stock market falls as inflation fears weigh on NYSE
New York stocks dropped for the second straight session amid renewed inflation worries and rising rate expectations. The Dow fell 10.09 to 817.58, while the NYSE composite slipped about 48 with volume easing to 14.78 million shares. Scudder and Zenith Radio were among the most active issues on the Big Board as Amex showed a mixed day.
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Investment Trusts Signal Higher Rates and Oil Outlook
Stevens and Clerk investment counsel predicts another rise in open market money rates in the near future. Johnston, firm president, spoke at a New News conference about an expected oil price outlook. The Senate considered a bill extending price contents on domestic oil for six months as Treasury raised its estimate by about 3 billion dollars.
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