Newspaper article St Louis Post-Dispatch (MO)

Dollar Drop, Profit Concern Hurt Stocks

Newspaper article St Louis Post-Dispatch (MO)

Dollar Drop, Profit Concern Hurt Stocks

Article excerpt

Stocks fell Thursday as a drop in the dollar raised concern that foreigners will stop spending their money on U.S. company shares. Expectations grew that third-quarter profits will disappoint investors.

Already this month, companies ranging from Apple Computer Inc. to Caterpillar Inc. to Uniroyal Chemical Corp. said earnings won't match estimates. Investors have bet all year that the economy would slow enough to support lower interest rates; they are now seeing the downside to that development.

"The market's been living a split personality for months," said Charles Crane, research director at money manager Spears, Benzak, Salomon & Farrell. "Enthusiasm about a slowdown in the overall economy is starting to come home to roost in the form of decelerating earnings."

The Dow Jones industrial average closed down 25.29 after earlier falling as much as 49.49 points.

AT&T Corp. fell 1 1/8 to 62 5/8.

Declining tech stocks included Intel Corp. 1 35/64 to 61 9/64, Cisco Systems Inc. …

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