Dow Down 63.59 in Profit-Taking
Nov. 11, 1998
NEW YORK (AP) _ Profit-takers sent stocks lower for a third straight day today, although technology shares bucked the trend again after an upbeat update from Intel.
At 3 p.m. on Wall Street, the Dow Jones industrial average was down 63.59 at 8,800.39 after shedding an early 72-point gain. Broader stock indicators also gave back most of their early gains.
The Nasdaq market was stumbling in a bid for a fifth straight winning session despite late Tuesday's report of strong demand for computer chips by Intel. The Nasdaq composite index was down 2.85 at 1,862.77, with Intel rallying 5 13/16 to 103 3/8 as the most active issue.
This week's downturn comes amid uncertainty over whether the Federal Reserve will cut interest rates again at next Tuesday's meeting to stimulate a slowing economy.
But while investors have begun to secure some of the huge gains from the past month, the selling has barely put a dent in the market's rebound.
The Dow, for example, surrendered about 110 points on Monday and Tuesday after rising 610 points during the prior eight sessions and more than 1,500 points since the market turned higher on Oct. 8.
Declining issues outnumbered advancers by a 3-to-2 margin on the New York Stock Exchange, where volume came to 583.41 million shares, up sharply from the modest pace of the previous three sessions.
The Standard & Poor's 500 index was down 9.18 at 1,119.08, the NYSE composite index was down 5.02 at 552.40, and the American Stock Exchange composite index was down 1.45 at 663.64.
Overseas, Japan's Nikkei stock average fell 0.6 percent. Germany's DAX index rose 2.3 percent, and Britain's FT-SE 100 rose 1.2 percent. French markets were closed for a holiday.