NEW YORK, FEB. 17 -- The stock market posted some scattered losses today, running into some resistance after the rally of the past week.
The Dow Jones average of 30 industrials, up 110.25 points over the past five sessions, slipped 4.98 to 2000.99.
Declines slightly outnumbered advances among New York Stock Exchange-listed issues. Big Board volume totaled 176.8 million shares, against 135.3 million in the previous session.
Analysts said optimism about the economic outlook had gradually been increasing lately, but traders still seemed reluctant to chase after rallies that have run for a few days.
On Tuesday, Alan Greenspan, chairman of the Federal Reserve Board, described economic activity as stable if not especially "buoyant."
There was some disappointment in the financial world over Greenspan's remarks implying that the Fed had no plans for any further relaxation of its credit policy. But brokers said that message also meant that policymakers saw no great cause for concern about an impending recession.
The Fed's report this morning that industrial production rose 0.2 percent in January was in line with advance estimates on Wall Street.
Among actively traded blue chips, Eastman Kodak lost 1/2 to 42 1/2; Philip Morris 1 1/2 to 89 1/8; International Business Machines 1 to 112 3/4, and American Telephone & Telegraph 1/8 to 29 1/4. An exception was Ford Motor, up 1/2 at 44 1/2.
Firestone Tire & Rubber dropped 3 to 42 after jumping 9 1/4 points Tuesday, when the company agreed to form a joint venture with Bridgestone Corp. of Japan that would take over Firestone's tire business. Cooper Tire climbed 2 1/8 to 34 5/8.
Pillsbury fell 2 5/8 to 31 7/8. The company said analysts' estimates of its earnings for the fiscal year ending in May were too high.
Navistar International led the active list, up 1/8 at 4 1/2. The company reported sharply higher quarterly earnings from continuing operations.
Lomas & Nettleton Financial fell 1 1/8 to 16 5/8. The company said it would take a charge of about $93 million in the current quarter in connection with moves to cease its homebuilding operations and restructure its mortgage banking division.
Allegis rose 7/8 to 72. The company said it began its tender offer for as many as 35.5 million of its common shares for $80 apiece.
As measured by Wilshire Associates' index of more than 5,000 actively traded stocks, the market lost $1.58 billion, or 0.06 percent, in value.
The NYSE's composite index of all its listed common stocks dipped .24 to 145.72.
Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 202.43 million shares.
Standard & Poor's index of 400 industrials fell .50 to 298.59, and S&P's 500-stock composite index was down .62 at 259.21.
The Nasdaq composite index for the over-the-counter market rose .54 to 355.28. At the American Stock Exchange, the market value index closed at 279.09, up .16.