Stocks Take Beating As Dow Plunges 99
NEW YORK, Dec. 12ÛÓStock prices were pounded today in the biggest one-day drop for blue-chips since a July rout. Nervous investors opted to take profits despite fresh indications that the economy is growing moderately and inflation is in check.</br></br>The Dow Jones industrial average fell 98.81 points to close at 6303.71, the biggest one-day point loss since the 161.05-point plunge July 15 at the depths of a sell-off.</br></br>The index of 30 blue-chip stocks has now fallen 3.7 percent, or 244 points, since reaching a record 6547.79 on Nov. 25. But the Dow still is up more than 23 percent since the year began.</br></br>Stocks started the day higher, with the Dow up as much as 34 points, after three encouraging economic reports, but the rally was over in the first hour.</br></br>Declining issues led advancing ones by 4 to 3 on the New York Stock Exchange. Volume was heavy at 492.9 million shares, down from Wednesday's