Tech Stocks Propel Nasdaq to New High; Dow Falls 42 Before Greenspan Report
Technology shares boosted the Nasdaq market today to a ninth straight record, but many stocks fell amid profit-taking before this week's report to Congress by Federal Reserve Chairman Alan Greenspan.</br></br>The Dow Jones industrial average fell 42.22 to 9295.75 after retreating from an early 30-point foray into record terrain.</br></br>McDonald's fell 2-11/16 to 70-9/16 as the Dow's weakest component after the company met Wall Street forecasts with its second-quarter profit report but issued a cautious outlook for the second half of 1998.</br></br>Most broad-market indexes also pulled back after Friday's record-setting advance, but the Nasdaq composite rose 5.49 to a record 2104.25, extending this year's gain to 28.3 percent.</br></br>Cisco Systems rose 3-7/16 to 103-3/16 to lead the Nasdaq advance. Elsewhere in the technology group, IBM rose 1-13/16 to 122 and Hewlett-Packard rose 1-11/16 to 61 1/2, helping cushion the Dow's decline. After today's close, IBM reported a $1.45 billion second-quarter profit, surpassing most projections.