Bank and financial stocks were mixed, with many issues losing ground in an afternoon selloff that dropped the Dow 25.41 points, to 3,329.49
Citicorp, the second most active stock on the New York Stock Exchange, bucked the trend and established a new 52-week high as buyers pushed up its share price 25 cents, to $20.75.
Dime Savings Bank posted a large gain in percentage terms, as shares rose 50 cents, to $6.75.
Major Banks Slip
Among the losers, Wells Fargo & Co. was off $1.125, to $74.125 BankAmerica Corp. slipped 37.5 cents, to $44.125. J.P. Morgan & Co. fell 12.5 cents, to $54.125. Chemical Banking Corp. fell 12.5 cents, to $36.875. Fifth Third Bancorp lost 50 cents, reaching $41.25.
The sixth-most-active issue on the New York Stock Exchange was MGIC Investment Corp., a Milwaukee mortgage insurance company that fell $1, to $33.25.
A secondary offering of 6.7 million shares at $34.25 each had been made for Northwestern Mutual Life Insurance Co., which is reducing its holdings to 33%.