Stocks End Lower; Dow Down 92.92
NEW YORK (AP) _ Stocks fell today as 1998 earnings expectations continued to dampen, prompting investors to lock in some gains from this week’s rebound.
The Dow Jones industrial average fell 92.92 to 7,691.77. The blue-chip average had gained 204 points the prior three session, nearly wiping out Friday’s 222-point slide.
Broad-market indicators also pulled back, although technology sector held firm enough to limit the damage in the Nasdaq market.
Stocks were weighed down at the open after some of Southeast Asia’s battered markets took a turn for worse following a two-day rebound.
Hong Kong’s key market index plunged 7 percent amid profit-taking the recent gains and concerns about the financial health of a major property developer.
In Indonesia, President Suharto signed a major reform package with the IMF to help pull the world’s fourth most-populous nation out of its economic slump, but Jakarta’s market fell 4.1 percent as traders’ optimism faded.
In Europe, Frankfurt’s DAX index was down 1.0 percent and London’s FT-SE 100 was up 1.2 percent. Japanese financial markets were closed for a holiday.
Among leading technology shares, IBM and Hewlett-Packard posted modest gains to cushion the Dow. The weakest Dow components were American Express, Boeing, Philip Morris, General Electric and 3M.