WALL Street stocks tumbled dramatically yesterday as bond prices fell after the Federal Reserve chairman, Mr Alan Greenspan, said the US economy should be able to sustain current levels of growth.
The Dow Jones industrial average dropped 43.72 points to close at 5,626.88. It popped up at the open, meandered for most of the session at moderately lower levels but then fell sharply in late afternoon.
Declines outnumbered advances by about 6 to 5 on the New York Stock Exchange, with 779 unchanged.
Big Board volume totalled 402.84 million shares, against 397.75 million in the previous session.
The NYSE's composite index fell 1.94 to 348.09. The Standard and Poor's 500 stock index fell 4.06 to 648.91.
The Nasdaq composite index fell 5.53 to 1,093.88.
At the American Stock Exchange, the market value index fell 0.12 to 568.59.
