Dow Reaches 4-Year Low; Cyprus Cited
NEW YORK, Aug. 19 (UPI)ÛÓRenewed violence on Cyprus unsettled the stock market today, driving the Dow Jones industrial average to a four-year low on the New York Stock Exchange. Trading was light.</br></br>The dow fell 9.70 to 721.84, its lowest level since Aug. 13, 1970, when the blue chip indicator closed at 716.66.</br></br>Several hours before the market opened, a mob of Geek Cypriots attacked the U.S. Embassy in Nicosia, killing the U.S. ambasasdor to Cyprus, Roger Davies. Although Secretary of State Henry Kissinger later told a news conference he had received assurances from Turkey she will abide by a cease-fire on the island, investors continued to worry about the anti-American sentiment that led to the ambassadorÛªs death and has prompted the new Greek government to withdraw its troops from NATO.</br></br>Standard & PoorÛªs 500-stock index also hit a 1974 low or 74.57, off 1.10. The price of an average common share on the NYSE lost 39 cents as the NYSE index lost 0.60 to 39.16.</br></br>Glamors and blue chips posted the biggest losses. With the exception of the aircrafts, all other major stock groups weakened.