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Dow 30 Closes Unchanged in Slow Session

April 23, 1985|From Times Wire Services

NEW YORK — Stocks mostly fell in a lackluster session Monday, although key market measures escaped with only slight losses.

The Dow Jones average of 30 industrials finished unchanged at 1,266.56 after edging up less than a point last week.

Volume on the New York Stock Exchange totaled 79.93 million shares, compared to 81.11 million on Friday.

Computer and other technology issues were again heavy casualties. Aerospace, paper and mining stocks also fell, while energy-service stocks advanced.

Digital Equipment tumbled 4 to 100 in heavy trading after posting a 10% drop in fiscal third-quarter profit.

Computer Issues Sink

Digital and other minicomputer makers already were under pressure, however, following Wang Laboratories' report Friday that its fiscal third-quarter earnings plummeted 66% from a year earlier.

Wang's class B stock dropped 2 to 16 1/2 on the American Stock Exchange. Among other Big Board-listed computer makers, Data General fell 1 1/2 to 41 3/8 and Prime Computer lost 7/8 to 16 1/8. IBM edged up 1/8 to 127 3/4.

Exxon fell 1 1/8 to 52 3/4, Standard Oil of Indiana lost 1/2 to 61 1/2 and Atlantic Richfield was off 3/4 at 48 5/8. All three reported lower first-quarter profits.

Unocal, which topped the NYSE's active list, rose 1/2 to 48. Texas oilman T. Boone Pickens, who is trying to acquire Unocal, asked a Delaware state court to dismantle a takeover defense erected by the oil company.

CBS jumped 3 to 110. The company's board rejected Ted Turner's takeover offer, and financier Ivan F. Boesky said he sold 1.32 million CBS shares, leaving him with 1.27 million, or 4.3%, of CBS' total shares outstanding.

AMCA International fell 5/8 to 10; a 700,000-share block traded at 9 5/8.

Although the federal funds rate, the interest on overnight loans between banks, rose slightly to 7.5% from 7.25% late Friday, other interest rates tumbled.

Yields on three-month Treasury bills fell 10 basis points to 7.68%. Six-month bills fell 9 basis points to 7.90%.

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