Dow Plunges 195.93 Points
Jul. 23, 1998
NEW YORK (AP) _ The Dow industrials plunged nearly 200 points today, extending a week-long slide from record highs, as a sudden spurt of disappointing profit news continued with a discouraging forecast from Boeing.
The Dow Jones industrial average fell 195.93 points to 8,932.98, trading below 9,000 for the first time since July 1.
Broad-market indicators also suffered heavy losses. The selling intensified after midday as news spread that White House press secretary Mike McCurry was resigning, a development investors may have used as an excuse to protect some of their hefty profits from the past month.
The Dow 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 amid profit warnings by Merck, Hewlett-Packard and DuPont, all three of which are Dow components.
Boeing joined that list today, falling the equivalent of 25 Dow points, after failing to satisfy Wall Street's deflated expectations for its second-quarter profits and issuing a discouraging forecast for 1998 and 1999.
And echoing the concerns expressed earlier this week by Hewlett-Packard and software giant Computer Associates, the Seattle-based aircraft maker cited the continuing impact of the economic crisis in Asia.