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Stocks Sink; Dow Down 119.05

September 21, 1999

NEW YORK (AP) _ Concerns about third-quarter earnings and the weakening dollar sent stocks sharply lower in early trading today.

In the first hour on Wall Street, the Dow Jones industrial average was down 119.05 at 10,704.85.

Broader stock indicators were also down, with the Standard & Poor’s 500 index off 13.46 at 1,322.03, and the Nasdaq composite falling 24.82 to 2,861.33.

Apple Computer’s announcement late Monday that its third-quarter earnings would be hurt by a shortage of chips shook Wall Street, which had been quite optimistic in general about corporate profits.

The dollar’s continuing slide against the Japanese yen also took a toll on stocks. The U.S. currency was quoted at about 104 yen today, down from 106 yen. A weaker dollar can be inflationary, and in turn lead to higher interest rates in this country.

Declining issues outnumbered advacncers by an 8-to-3 margin on the New York Stock Exchange, where volume came to 97.94 million shares, up from Monday’s pace.

The Russell 2000 index was off 3.78 at 429.42.

Overseas, Japan’s Nikkei stock average rose 2.03 percent. In afternoon trading, Germany’s DAX index was down 1.64 percent, Britain’s FT-SE 100 was down 1.04 percent, and France’s CAC-40 was down 1.45 percent.

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