Dow Drops Another 160 This Morning
NEW YORK (AP) _ Stocks were falling sharply today, extending Wednesday’s losses, as fresh worries about impeachment added to uneasiness over a growing global economic crisis and its impact on U.S. corporate profits.
The Dow Jones industrial average, up a record 380.53 points Tuesday then down 155.76 on Wednesday, was off an additional 160.40 at 7,704.62 in the early going today. Broader indicators also were lower.
Among the uncertainties confronting traders is how Congress will respond to the long-awaited report delivered Wednesday by Independent Counsel Kenneth Starr on possible impeachable offenses by President Clinton. Impeachment proceedings could bog down government and it is not known how that would affect the economy.
In addition, stocks have been hurt by disappointing profit announcements by companies, many of them related to the economic mess that has swept through Asia and Russia and is threatening Latin America.