NEW YORK -- Stocks dropped today as investors worried about the latest U.S.-Iraq standoff and 3M joined the list of blue-chip companies warning of lower fourth quarter earnings. Dow falls 32.70
The Dow Jones industrial average fell 32.70 to close at 8790.60. Decliners led advancers by a narrow margin on the New York Stock Exchange, with 1,522 up, 1,577 down and 478 unchanged. NYSE volume was 721.16 million shares, vs. 774.84 million yesterday.
Falling Microsoft Corp. and Intel Corp. shares dragged down the technology-heavy Nasdaq composite index 3.24 at 2,009.36. The Standard & Poor's 500 lost 0.86 at 1,161.97, but the NYSE composite index rose 0.15 at 562.89. The American Stock Exchange composite gained 5.33 at 651.44 and the Russell 2000 index of smaller companies was up 0.28 at 389.85.
The price of the Treasury's main 30-year bond fell 3/18 point, or $1.66 per $1,000 in face value, by late afternoon. Its yield fell to 5.00 from 5.03 percent yesterday.
Uncertainty hit the market as President Clinton met with his top advisers to consider military strikes in response to Iraq's latest defiance of international arms inspectors. Top House leaders said they'll likely delay tomorrow's impeachment vote if Iraq is bombed.
Minnesota Mining & Manufacturing Co. shares fell $2.371/2 at $7.371/2 after the company warned its fourth-quarter profit will be 10 percent below last year's results, nowhere near Wall Street targets. 3M, the maker of Scotch brand tape and Post-it Notes, follows Merck, Mattel, Coca-Cola and other blue chip companies to give Wall Street a depressed profit outlook for the quarter.