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INTEREST-RATE FEARS SEND MARKET LOWER

The stock market headed lower today amid doubts about prospects for easier credit.

The Dow Jones average of 30 industrials dropped 15.35 to 2,879.95 by noon.

Losers outnumbered gainers by about 7 to 5.

Analysts said traders seemed uncertain about where the market might get any inspiration to extend its spring rally.

While interest rates and inflationary pressures have been ebbing in recent weeks, nothing has happened to fulfill hopes that the Federal Reserve might adopt a more stimulative credit policy.

Upjohn dropped 3/8 to 41 3/4 in active trading. The stock rose 2 points Wednesday on takeover rumors and speculation.

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