Stock decline follows rate hike by major Pennsylvania bank
An unexpected rise to 5 percent in a Pennsylvania bank’s prime rate sparked a broad stock selloff in slow trading. Glamour issues led losses with IBM down 5.7 percent and Polaroid slipping amid weak volume on the Dow edges. The Dow fell 8.76 points to 907.71 as overall market activity slowed.
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Dow Jones Averages Report With Modest Losses On Mixed Day
New York stocks closed with a broad mix as the Dow industrials slipped 8.76 points while transports fell 2.53 and utilities slipped 0.06. The overall Dow Jones composites showed a slight down day with total transactions around 1.55 million shares.
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