Stocks dropped in New York yesterday as investors took profits and digested some corporate earnings disappointments.
At the close on Wall Street, the Dow Jones industrial average was down 110.31 at 10,733.56. For the week, the Dow lost 79.19.
Among broader market indicators, the Nasdaq composite index was down 90.79 at 4,093.77 and the Standard and Poor's 500 index was down 15.28 at 1,480.19. For the week, the Nasdaq lost 152.41.
Investors apparently were taking a breather after Thursday's strong rally, sparked by encouraging remarks about the economy from Federal Reserve chairman Mr Alan Greenspan and strong IBM earnings.
A few earnings disappointments added to today's selling, particularly in the technology sector. Cellphone and telecommunications equipment maker Ericsson said third-quarter profits will fall below the first- and second-quarter levels. Shares of Ericsson fell $2.75 to $19.813. Other technology losers included Intel, down $4.50 to $138.188, and IBM, off $2.562 to $114.438.
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