Market wavering


NEW YORK (AP) -- The stock market wavered in a narrow range today as investors awaited signs of the next move in interest rates.

The Dow Jones average of 30 industrials inched up 3.13 points to 2,889.76 in the first hour of trading.

Losers outnumbered gainers by about 10 to 9 in the early tally of New York Stock Exchange-listed issues, with 441 up, 492 down and 541 unchanged.

Volume on the Big Board came to 13.97 million shares as of 10:30 a.m. on Wall Street.

Analysts said the near-term course of interest rates was likely to be determined by how well the credit markets digest a big menu of new Treasury securities this week.

From today through Thursday, the government is scheduled to auction a total of $56.70 billion in bills and notes with maturities ranging from three months to five years.

Recent Treasury issues have since traded below their offering prices, leaving many would-be bidders in a cautious mood.

Brokers said that kind of atmosphere was apparent in the equity market today. Stocks seemed to suffer more from apathy than any concerted selling pressure.

Among actively traded blue chips, Exxon rose 1/2 to 58 1/2 ; General Electric gained 3/8 to 71 7/8 ; Philip Morris was unchanged at 64 7/8 , and International Business Machines lost 1/8 to 103 5/8 .

The NYSE's composite index of all its listed common stocks dipped .05 to 204.10. At the American Stock Exchange, the market value index rose .05 to 358.86.

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