Market Report - New York

The Dow Jones Industrial Average fell slightly yesterday, losing 19.82 points or 0.22 per cent to 8,821.76.

Volume was 685.9 million shares traded with 1,228 issues gainers, 1,802 decliners and 502 unchanged.

On the bond market, the average yield on the bellwether 30-year Treasury bond rose to 5.011 per cent compared with 4.946 per cent on Wednesday. The yield had fallen earlier yesterday to 4.93 per cent.

The Nasdaq composite index finished up 13.35 points at 2,029.31 and the Standard and Poor's rose 1.44 points to 1,166.46.

Investors were worried by increasing concern about fourth-quarter corporate earnings of big American companies which have announced they expect profits to be lower than forecasted an indication of possible problems in the US economy.

Coca-Cola warned investors of a drop in future world sales of its products and that profits could fall by 10 per cent.

In addition, the ratings firm Standard and Poor's put the Atlanta-based company on watch with negative implications after its purchase of Cadbury Schweppes concerns outside the United States.

Also contributing to the malaise was the pessimistic judgement of financial analysts on AMR, the holding company of American Airlines.

The two issues largely contributed to the fall on Wall Street.