Blue-Chip Stocks Take Dive at Close; Dow Index Off 14

NEW YORK —  Stock prices fell today, recording the market’s first loss of the week, thanks in large part to a dive in blue-chip issues in the last few minutes of trading.

Analysts said traders were proceeding cautiously on the final day of trading for some stock options and stock index futures. Program trading involving these contracts and individual stocks has helped produce some sharp swings in the market on expiration days in the past, and such trading may have been responsible for a sharp drop in the Dow Jones industrial average at the close today. The Dow dropped 14.63 to 1,840.40, cutting its gain for the week to 50.22 points.

At the same time, observers saw some potential benefit for the market in the news that ministers from the Organization of Petroleum Exporting Countries had made no apparent progress today toward an agreement on a plan to shore up oil prices.

Crude oil futures for May delivery traded this afternoon at $11.80 a barrel, down 3 cents from Thursday’s settlement price on the New York Mercantile Exchange.

Advancing issues outpaced declines by about 10 to 9 on the New York Stock Exchange.

Big Board volume totaled 153.64 million shares, against 161.40 million in the previous session. The NYSE’s composite index lost .21 to 139.88.

Government bond prices were mixed in a narrow trading range early today as the market remained preoccupied with the possibility that the Federal Reserve Board will reduce its chief loan rate.

In the secondary market for Treasury bonds, prices of short-term governments edged up by 1/32 point to 1/8 point, and intermediate maturities ranged from up by 1/32 point to down 3/16 point in early trading. The Treasury’s 20-year bond dropped 1/8 point, according to the New York investment firm of Salomon Bros.

The Treasury’s 30-year bond dipped point and its yield inched up to 7.15% from 7.13% late Thursday.

In corporate trading, industrials held steady in quiet dealings while utilities rose 1/8 point in light early trading.

Among tax-exempt municipal bonds, general obligations gained point and dollar bonds were up 3/8 point in light trading.

Yields on three-month Treasury bills dipped by one basis point to 5.88%. A basis point is one-hundredth of a percentage point. Six-month bills fell two basis points to 5.85% and one-year bills were down one basis point at 5.85%.

The federal funds rate, the interest on overnight loans between banks, traded at 6 9-16% early today, down from 6 3/4% late Thursday.