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Stocks Continue Fall; Dow Off 36.56

October 28, 1998

NEW YORK (AP) _ Stocks opened lower today amid continuing worries that the economic backdrop remains too uncertain to extend Wall Street’s powerful rebound.

At 10 a.m. on Wall Street, the Dow Jones industrial average was down 36.56 at 8,329.48, retreating for a fourth straight session.

Broader stock indicators were also posting modest losses despite a report showing unexpected strength in the U.S. manufacturing sector.

The government said orders to American factories for durable goods rose 0.9 percent in September, pulled higher by demand for automobiles, communications equipment and military goods. Economists had expected about a 1 percent drop, with world financial turmoil diminishing demand for U.S. products.

The Dow has now lost about 200 points in four sessions after jumping nearly 600 points during a seven-session winning streak. The downturn follows the recent optimism that falling interest rates at the Federal Reserve and in the bond market would offset the drag of a global slowdown.

The Standard & Poor’s 500 index was down 5.61 at 1,059.73, and the technology-heavy Nasdaq composite index was down 3.25 to 1,714.38.

Declining issues outnumbered advancers by a 8-to-5 margin on the New York Stock Exchange, where volume came to 74.18 million shares, down from Tuesday’s early pace.

The NYSE composite index was down 3.07 at 524.70 and the American Stock Exchange composite index was down 1.37 at 631.01.

Overseas, Japan’s Nikkei stock average fell 2.2 percent. In afternoon trading, Germany’s DAX index was down 2.9 percent, Britain’s FT-SE 100 was down 1.2 percent, and France’s CAC-40 was down 2.2 percent.

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