NEW YORK — The stock market posted a modest loss on Friday, confronted with rising interest rates and selling by traders cashing in on the market's recent gains.
The Dow Jones average of 30 industrials dropped 5.06 to 1,886.53, reducing its gain for the week to 8.72 points. Volume on the New York Stock Exchange came to 142.30 million shares, down from 165.29 million Thursday.
GTE rose 1 1/2 to 63 3/4 in active trading. The company is taking several steps, including a buyback, stock split and dividend increase, aimed at increasing the price of its shares and discouraging any would-be acquirers.
E. F. Hutton, which has been the subject of takeover speculation for some time, tumbled 4 1/2 to 48 3/8 as directors held what the company described as a regularly scheduled board meeting.