NEW YORK - Stocks pulled back sharply today amid fears that the failure of a major Japanese brokerage will roil the Tokyo Stock Exchange, which was closed for a holiday. Dow loses 113
The Dow Jones industrial average fell 113.15 points to close at 7,767.92, giving back more than a third of last week's 308-point gain.
Decliners led advancers by nearly a 3-to-1 margin on the New York Stock Exchange, with 770 up, 2,189 down and 488 unchanged. NYSE volume was 513.98 million shares vs. 592.04 million Friday.
Broad-market indicators also surrendered some of last week's advance, which had put some indexes near record territory.
The Standard & Poor's 500-stock list fell 16.42 at 946.67, and the NYSE composite index lost 7.71 at 495.14. The Nasdaq composite index fell 33.76 to 1,586.99, and the American Stock Exchange composite index dropped 9.63 to 663.51.
The price of the Treasury's main 30-year bond was off 17/32 point, or $5.31 per $1,000 in face value, by late afternoon, while its yield rose to 6.07 percent from 6.03 percent late Friday. Prices and yields move in opposite directions.
While the U.S. stock market displayed some resilience to overseas events last week, investors were unnerved by some heavy selling on European markets and the threat of a potential selloff on the Tokyo Stock Exchange, which had also closed already on Friday when news services that Yamaichi Securities was on the verge of a financial collapse. Yamaichi, saddled with $24 billion in debts and beset by a payoff scandal, announced today it was closing.
In Europe, Frankfurt's DAX index fell 3.3 percent and London's FT-SE 100 fell 1.7 percent.