New York stocks fell yesterday after Federal Reserve chairman Alan Greenspan voiced concern over the highly valued stock market, striking fear in investors who interpreted the remarks as a sign that the Fed is not finished raising interest rates.
At the close of trading on Wall Street, the Dow Jones industrial average was down 108.28 points to 11,090.17. The Dow ended just 10 points below last Friday's close, wrapping up a week that saw the blue chips soar to record highs on Wednesday. Broader stock indicators were lower.
Declining issues outnumbered advancers by an 11-to-seven margin on the New York Stock Exchange, with 1,777 down, 1,133 up and 594 unchanged.
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