Wall Street Stocks Fall
Jul. 23, 1998
NEW YORK (AP) _ Stocks fell for a fourth straight session Thursday as Boeing joined this week's spurt of major companies with disappointing profit news.
At noon on Wall Street, the Dow Jones industrial average was down 70.80 at 9,058.11. The blue-chip barometer has been mired in a losing streak since closing at a record 9,337.97 on Friday, losing 209 points over the past three days.
Broad-market indicators were also posting modest losses, although some renewed strength by technology shares after two days of profit-taking helped cushion the Nasdaq composite index, which was down just 2.66 at 1,967.09.
Boeing was down 6 3/16 _ or the equivalent of nearly 25 Dow points _ at 41 9/16 after failing to satisfy Wall Street's deflated expectations for second-quarter profits.
The Seattle-based aircraft maker, which has been struggling with production bottlenecks and pricing pressures, also issued a cautious outlook for the rest of the year and 1999, citing the Asian fiscal crisis.
The announcement was the latest in a series of unsettling updates in recent days by big companies such as Hewlett-Packard and Computer Associates, both of which warned of Asia's continuing impact on profits.
Declining issues outnumbered advancers by more than a 2-to-1 margin on the New York Stock Exchange, where volume came to 326.95 million shares, down slightly from Wednesday's pace.
The Standard & Poor's 500 index was down 7.62 at 1,156.46, the NYSE composite index was down 4.69 at 584.12, and the American Stock Exchange composite index was down 4.65 at 728.38.
Overseas, Tokyo's Nikkei stock average fell 0.6 percent, Frankfurt's DAX index fell 1.0 percent and London's FT-SE 100 fell 0.4 percent.