Dow Falls About 25 to 8,035
NEW YORK (AP) _ Stocks fell modestly today as an encouraging string of profit reports was disturbed by some disappointing news from Boeing and AlliedSignal.
The Dow Jones industrial average fell about 25 points to 8,035 after nearly erasing an earlier 66-point deficit. The Dow had risen a combined 213 points on Monday and Tuesday, quickly recovering last week’s heavy losses.
Most broad-market measures also paused in this week’s rebound, which was triggered by strong third-quarter reports from IBM, Microsoft, Citicorp, Chase Manhattan and AT&T.
Today, 3M and United Technologies stepped forward with better-than-expected results for the July-September period, but AlliedSignal failed to meet forecasts by a small margin and Boeing warned that it will post an unexpected loss for the quarter.
Boeing, which also said its earnings will be hurt next year because of problems keeping up with its booming orders for airplanes, was the Dow’s biggest decliner, followed by AlliedSignal.
3M, United Technologies and DuPont, which rose despite reporting slightly disappointing results, helped cushion the Dow’s fall.
Overseas, Tokyo’s Nikkei stock average rose 2.8 percent, Frankfurt’s DAX index rose 0.8 percent and London’s FT-SE 100 fell 1.5 percent.