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Wall Street Stocks End Lower

July 15, 1998

NEW YORK (AP) _ Technology shares propelled the Nasdaq market to a sixth straight record, but most stocks pulled back today amid some mild profit-taking on Tuesday’s rally.

An early 60-point gain put the Dow Jones industrial average above 9,300 for the first time, but the blue-chip barometer finished about 11 points lower at 9,234.

The downturn was offset by a hefty gain from Eastman Kodak, which surged the equivalent of nearly 35 Dow points after posting strong second-quarter profits. It was the second day in a row that one of the Dow 30 soared on profit news. J.P. Morgan rose more than 7 points on Tuesday after the investment bank beat analysts projections.

Broader indicators were mixed today, with decliners outnumbering advancers overall, but the technology-heavy Nasdaq composite index rose more than 1 percent despite a slight earnings disappointment from Intel.

After Tuesday’s close, Intel posted a second-quarter profit of $1.2 billion, down 29 percent from a year ago and just below forecasts. But compared with recent quarters, Intel was somewhat optimistic about its near-term prospects, and the chipmaker’s stock rose more than 4 percent as the most active Nasdaq issue.

Overseas, Tokyo’s Nikkei stock average rose 0.8 percent, Frankfurt’s DAX index rose 0.6 percent and London’s FT-SE 100 rose 0.8 percent.

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