To: Chuzzlewit who wrote (27772 ) 12/12/1997 8:54:00 PM From: Glenn D. Rudolph Respond to
Dow Lower on Worries over Asia's Impact
PR Newswire - December 12, 1997 17:14
%FIN V%PRN P%PRN
NEW YORK, Dec. 12 /PRNewswire/ -- Share prices ended lower for a
fifth straight session as data suggested that the U.S. economy is being
affected by the turmoil in Asia, Market News Service reported Friday.
The Dow Jones industrial average dropped 10.69 to 7,838.30, while
the Standard & Poor's 500 index went down 1.55 to 953.39. Volume on the
New York Stock Exchange was 572 million shares, with 1,465 advancing,
1,426 declining, and 523 unchanged.
Shares were pulled down by sour market sentiment as an unexpected
decline in November producer prices spurred discussion that the Asian
crisis is having a deflationary impact on the U.S. economy. Producer
prices dropped by 0.2%.
Traders said that an overnight drop of 7% in South Korea share
prices and worries that the country might be forced to renegotiate a
$57 million rescue package added to investor jitters.
Technologies were weak again with blue-chip IBM down 2 9/16 to 99
1/16, Intel down 1 7/16 to 70 3/8, Texas Instruments down 1 to 41 1/8
and Cisco Systems down 4 3/4 to 77 15/16.
Microsoft lost 2 7/16 to 136 5/8 after a federal judge barred the
company from requiring PC makers who license Windows 95 to accept its
Internet Web browser as well.
Airlines shares experienced some rebound after the Thursday's sharp
decline. Blue-chip Boeing was up 1/8 to 48 3/4 and Delta Airlines was
up 5/16 to 118 1/16.
SOURCE Market News Service
/NOTE TO EDITORS: Market commentary from Market News Service is
transmitted on a daily basis by PR Newswire./
/CONTACT: Lara Burdess, or Mark Pender of Market News,
email: mark(at)mktnews.com /
