Dow Falls 60 in Early Trading
Sep. 17, 1998
NEW YORK (AP) _ _ Stock prices are sharply lower in moderate trading. The Dow Jones Industrial Average is down 60 points in today's early going. Decliners on the New York Stock Exchange hold a 6-1 lead over advancers.
The Nasdaq Composite Index has lost 51 points and the Standard & Poor's 500 Stock Index is down eight points.
Global financial markets once again are hanging on Alan Greenspan's words.
During Capitol Hill testimony yesterday, the Federal Reserve chairman effectively dashed any hopes for a global, coordinated interest rate cut.
And while Wall Street interpreted Greenspan's comments positively yesterday, foreign markets haven't been so receptive.
Most of the major overseas markets have been sharply lower.
And the U.S. Treasury market is again benefiting from the equities exodus, with bond prices sharply higher today.