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Market drifts lower amid inflation and rate worries
New York stocks declined as inflation and soaring interest rates weighed on sentiment. The Dow fell 9.56 to 857.40 and the blue chip average dropped to 867.40, a yearly low, with declining issues leading advances. Analysts warned a slow pullback or further drops as lenders raised prime rates to 9 percent. Norton Simon led volume at 2 p.m. on the NYSE.
MENTIONED IN THIS ARTICLE
New York US
New York Stock Exchange
Mertin L. Geatfriend
Bruns, Nordemann & Co
Monte Gordon
Dreyfus Corp
Norton Simon
American Stock Exchange
Dearborn- Storm