Down Closes Down 3.75: No New Breeze Noted Yet

The stock market showed some scattered losses today, biding its time through the change of command in Washington.

The Dow Jones average of 30 industrials slipped 3.75 to 2,235.36, closing out the week with a net gain of 9.29 points.

Declining issues outnumbered advances by about 7 to 6 on the New York Stock Exchange, with 659 up, 767 down and 515 unchanged.

Big Board volume totaled 166.10 million shares, against 192.03 million in the previous session.

The NYSE’s composite index lost .09 to 161.16.

Analysts said the market had benefited in recent weeks from increasing expectations for George Bush’s presidency.

But by about midday on Thursday, they said, the mood among investors began to change from anticipation to watchful waiting.

The market’s recent rally stalled when the Dow Jones industrial average moved close to 2,250, about the level where it stood on Oct. 16, 1987, just before the crash on Black Monday.

Brokers said that could turn out to be something of a psychological barrier for investors.

Bond prices were mixed in early trading today.

By midday, the Treasury’s closely watched 30-year bond fell 5/16, or about $3.12 per $1,000 face amount. Its yield, which moves inversely to its price, rose to 8.87% from 8.84% late Thursday.

“There’s a consolidation of the rally going on,” said Philip Braverman, chief economist for Irving Securities Inc.

He said the traders continued to keep an eye on the dollar, which weakened after reported central bank intervention Thursday and today.

The federal funds rate, the interest on overnight loans between banks, was quoted at 8 15/16%, down from 9% late Thursday.