Stocks pulled back again in New York after big names such as Microsoft and Sears Roebuck announced better-than-expected results for the final quarter of 1997, but joined the list of companies expressing concern about 1998 profits.
Microsoft rose as the most active Nasdaq issue after beating analyst expectations with a 52 per cent surge in profits for the final three months of 1997.
Declining issues outnumbered advancers by nearly a 5-to-3 margin on the New York Stock Exchange, with 1,119 up, 1,835 down and 500 unchanged. NYSE volume totalled 640.40 million shares, up from 625.12 million on Wednesday. The Standard and Poor's 500-stock list fell 7.77 to 963.04, and the NYSE composite index fell 4.11 to 503.79. The Nasdaq composite index fell 11.40 to 1,576.52., and the American Stock Exchange composite index fell 3.83 to 665.61.
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