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The stock market drifted lower through much of last week as investors took profits and waited to see if the Federal Reserve Board would become more accommodative. This expectation was jolted late in the week when Fed chairman Paul Volcker warned that federal budget deficits could place upward pressures on interest rates. Stocks slumped and for the week, the Dow Jones industrial average closed at 1,052.98, with a loss of 27.87 points.