DOW FALLS TOWARD 9,000 MARK.Byline: Bruce Meyerson Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Stocks fell sharply Friday, nearly pulling the Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. below 9,000, as the imminent conclusion to profit-reporting season left the market with fewer prospects for more record-setting gains. The Dow slid as much as 123 points, to 9,020, before reversing course and closing down 78.71 at 9,064.62. The blue-chip barometer lost 102.88 points for the week, but still holds a gain of more than 14 percent in 1998. Broad-market indicators also sank for the second straight day as investors locked more gains from the stock market's latest foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my record territory. The Dow, which sank 33 points on Thursday, closed at a record 9,184.94 on Tuesday. ``It's the reality that our stock market got in front of itself,'' said Robert Froehlich, chief investment strategist strat·e·gist n. One who is skilled in strategy. Noun 1. strategist - an expert in strategy (especially in warfare) strategian market strategist - someone skilled in planning marketing campaigns for Kemper Funds in Chicago. ``Yes, we had a very strong earnings season. But the real foundation for the strength in earnings is that analysts lowered their estimates so much that it was very easy to meet or beat expectations. That realization has encouraged people to take some money off the table,'' he said, asserting as·sert tr.v. as·sert·ed, as·sert·ing, as·serts 1. To state or express positively; affirm: asserted his innocence. 2. To defend or maintain (one's rights, for example). that stocks could trade in a tight range until there's a better sense of how companies are faring in the second-quarter. |
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