US stocks were pounded lower yesterday by aggressive selling from investors, who chose to book profits even after fresh indications that the economy is growing moderately and inflation is in check.

Two thirds of the losses came in the last hour of trading. Declining issues outnumbered advancers by 9 to 5 on the Exchange.

NYSE volume totalled 492.76 million shares as of 4 p.m. (2100 GMT), compared with 494.19 million in the previous session.

Stocks started the day higher after three encouraging economic reports, but the rally was over in the first hour.

Investors are jittery about a host of issues, beginning with last Thursday's statement by Federal Reserve Chairman Alan Green span that stocks were in the throes of irrational exuberance".

Experts said Greenspan was trying to talk the market lower, and may be preparing to increase interest rates, if not this month then after the first of the year.