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To: puborectalis who wrote (23879)	6/24/1999 12:56:00 PM
From: Jenne	Respond to of 41369

Top Financial News Thu, 24 Jun 1999, 12:53pm EDT U.S. Stocks Fall on Concern the Fed Will Raise Rates Several Times By Deborah Stern U.S. Stocks Fall on Concern Fed Will Raise Rates Several Times New York, June 24 (Bloomberg) -- U.S. stocks fell as bond yields reached 19-month highs on concern the Federal Reserve will start a series of interest-rate increases when its policy-makers meet Wednesday. Advanced Micro Devices Inc. was the biggest loser in the Standard & Poor's 500 Index after warning of a much larger than expected second-quarter loss. Goodyear Tire & Rubber Co. also said profits will be less than expected. ''The Fed promised us at least one punch in the nose,'' said Jim Griffin, senior investment strategist at Aeltus Investment Management Inc., which oversees $60 billion. ''It's starting to sink in that we could see more of this down the road.'' The S&P 500 lost 13.00, or 1 percent, to 1320.06. The Dow Jones Industrial Average fell 100.68, or 0.8 percent, to 10,566.18. The Nasdaq Composite Index fell 27.35, or 1 percent, to 2570.77. Declining stocks led advancers by a 16-to-9 ratio on the New York Stock Exchange. The Commerce Department said early today that factory orders for big-ticket items rose 1.4 percent in May, indicating continued economic growth. A Bloomberg News survey had projected a 1.2 percent gain. Advanced Micro dropped 1 3/8 to 16 13/16. The biggest rival to No. 1 chipmaker Intel warned after the market closed yesterday that it will have a larger-than-expected second-quarter loss because of competition from Intel Corp. and steep price declines. AMD said it expects an operating loss of about $200 million and sales of less than $600 million. Goodyear, a Dow component, fell 13/16 to 55 13/16 after the world's largest tiremaker said it sees second-quarter net income of 40 to 50 cents a share. Analysts expected 77 cents.