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Stock Prices Edge Lower; Dow Off 2.67

October 25, 1986|From Times Wire Services

NEW YORK — The stock market closed out an erratic week with a slight decline Friday.

The Dow Jones average of 30 industrials slipped 2.67 to 1,832.26. Volume on the New York Stock Exchange came to 137.48 million shares, down from 150.94 million on Thursday.

Transworld Corp. jumped 4 3/8 to 39 3/8. The company said interests associated with Ronald Perelman, chief executive of Revlon Group, had acquired about 15% of its common stock.

GTE picked up 7/8 to 58 1/2. The company said it knew of no reason for the activity, attributing it to "speculation."

Texaco gained 7/8 to 36 and Pennzoil fell 3 7/8 to 69 7/8 amid rumors that the two companies might be close to settling a long-standing legal dispute. Pennzoil said no talks were being held on the subject.

In the overall tally on the Big Board, declining issues outnumbered advances by about seven to five, with 847 down, 699 up and 436 unchanged.

Bond prices edged lower after rallying in the previous three sessions. Short-term interest rates were little changed.

In corporate trading, industrials and utilities were down 1/8 in quiet activity. Among tax-exempt municipal bonds, general obligations were unchanged in light trading and revenue bonds were up in moderate trading.

The yield on the 30-year Treasury bond rose to 7.77% from 7.72% late Thursday.

The federal funds rate, the interest on overnight loans between banks, traded at 5.6875%, down from 5.875% late Thursday.

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