Thursday's market.

Major bank stocks turned lower after short-term interest rates rose on a report that Federal Reserve officials favor tightening credit.

Among the biggest decliners were First Union Corp., which dropped $1 to $44.75 in late trading, and Norwest Corp., off 87.5 cents to $50.625.

First Interstate Bancorp was down $1.125 to $58.875, and Barnett Banks Inc. fell $87.5 cents to $45.875.

NationsBank Corp. slipped 37.5 cents to $48.25, and Chase Manhattan Corp. fell 87.5 cents to $30.75. J.P. Morgan & Co. edged down 12.5 cents to $67.75.

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