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Profit-Taking Sends Dow Down 108.13

November 9, 1998

NEW YORK (AP) _ Stocks pulled back today in the first wave of earnest profit-taking since Wall Street’s powerful rebound began about a month ago.

At 3 p.m. on Wall Street, the Dow Jones industrial average was down 108.13 at 8,867.33 after an early bob to within 15 points of 9,000.

Broader stock indicators also gave back of last week’s gains, which pushed the market to highest level since late July.

Before today’s profit-taking, the Dow had bounced about 1,500 points, or 20 percent, since it slid below 7,500 on Oct. 8. A loss today would be only the fifth losing session since the turnaround began that day.

In other trading today, the Standard & Poor’s 500 index was down 14.97 at 1,126.04, and the technology-heavy Nasdaq composite index was down 9.88 at 1,846.68.

Declining issues outnumbered advancers by a 2-to-1 margin on the New York Stock Exchange, where volume came to 470.13 million shares, down sharply from last week’s pace.

The NYSE composite index was down 7.53 at 557.57, and the American Stock Exchange composite index was down 4.99 at 665.81.

Overseas, Japan’s Nikkei stock average rose 0.5 percent. Germany’s DAX index fell 1.4 percent, Britain’s FT-SE 100 fell 1.0 percent, and France’s CAC-40 edged lower.