Dow falls 13 points in mixed session Retail shares slump amid apprehension about Christmas sales

NEW YORK — NEW YORK -- U.S. stocks were mixed yesterday as retail shares registered their biggest one-day drop since July 15 amid concern that Christmas sales will be weak.

The Dow Jones industrial average lost 13.79 to 5,993.23, its second close below 6,000 this week. The Standard & Poor's 500 index fell 0.60 to 700.90, while the Nasdaq composite index rose 3.18 to 1,206.23.


The Russell 2,000 index of small capitalization stocks gained 0.13 to 338.18; the Wilshire 5,000 index dropped 4.60 to 6,808.52; the American Stock Exchange market value index slid 0.60 to 565.29; and the S&P; mid-cap index rose 1.04 to 241.53.

Some 1,179 issues fell and 1,201 rose on the New York Stock Exchange, where a heavier-than-usual 438.7 million shares traded.


The benchmark 30-year Treasury bond's yield was at 6.70 percent, up 2 basis points from Tuesday.

Retail stocks slumped after Goldman, Sachs & Co. lowered its investment rating on several specialty apparel retailers and department stores. The S&P; general retail stores index, which includes Wal-Mart Inc. and Sears, fell 3.5 percent.

Among retailers, Wal-Mart Stores Inc. fell $1.125 to $26.25; Dillard Department Stores Inc. lost 87.5 cents to $30.875; and TJX Cos. fell $2.25 to $39.

Sears, Roebuck & Co. fell $1 to $47.50; Woolworth Corp. dropped 50 cents to $21; and Dayton Hudson Corp. lost $1 to $33.125.

Oil shares slipped, as crude prices continued to slide. Texaco Inc. fell $1.625 to $103, and Chevron Corp. dropped 62.5 cents to $66.25.

Carter-Wallace Inc. shares jumped $3.25 to $15 after the company said it has received a buyout offer of $18 a share from investor Marvin Davis.

Intel Corp. rose $2.375 to $106.75, buoying the Nasdaq index. The chip maker agreed with International Business Machines Corp. to jointly develop products aimed to cut the administrative costs of personal computers in corporate networks. IBM rose 75 cents to $126.375.

America Online Inc. stock rose for a second day in a row, up $1.875 to $27.50, after the online services company unveiled flat-rate prices to stop customer defections and said it will take up to $460 million in charges, largely to revamp accounting methods.


Dominick's Supermarkets Inc. shares rose $1.375 to $19.375 in the Chicago-area supermarket chain's first day of trading after an initial public offering of 8 million shares, more than the originally expected 6.4 million shares.

Pub Date: 10/31/96