Stock market's big sell-off pulls agency stocks down

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Advertising agency stocks largely held their own today as the U.S. stock market suffered its worst single-day loss since the crash of 1987. Following sharp drops in the Hong Kong stock market and most major foreign exchanges, the Dow Jones industrial average dropped 554.26 points to 7161.15, a loss of 7.2% and the Standard & Poor's 500 Index dropped 64.18 points to 877.46, a loss of 6.8%. Extremely high volume caused trading on the New York Stock Exchange to be suspended for the day a half-hour before the market's scheduled closing.

Most publicly traded agency stocks performed better than the Dow and S&P 500, with the exception of Omnicom, which lost $5.4375 to $66 per share by the time trading was suspended, a drop of 7.6%. Interpublic Group of Cos.' stock dropped 5.4%, losing $2.5625 to $45.25. CKS Group was slightly behind IPG, losing $1.875 to $33.50, a drop of 5.3%. The stock of True North Communications was down 75 cents to $22.5625 per share, a loss of 3.2%. WPP Group stock lost only 1.1%, dropping 50 cents to $45.75; and Cordiant shares were unchanged at $6.3125.

Copyright October 1997, Crain Communications Inc.

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