The Dow Jones industrial average tripped again in a run at the 8,000 mark as persistent earnings worries overshadowed another improvement in interest rates. For the fourth time in five sessions, the Dow bobbed above 8,000, only to retreat. Yesterday it surrendered an early 65-point gain and fell 63.35 to close at 7,906.71.
Broader stock indicators also gave back some sizeable gains despite a drop in interest rates in the bond market, which resumed its recent rally after a one-day stumble. Today's downturn derailed an eight-session streak of record highs by the Russell 2000 index of smaller companies and a four-session streak by the Nasdaq composite index.
Although no major companies warned of disappointing profits, investors remained too jittery about third-quarter reports - not due for several weeks - to bid the blue-chip sector back to record levels, analysts said. Travelers Group sank as the Dow's biggest decliner after announcing a deal to acquire Salomon.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)