NEW YORK -- U.S. stocks fell yesterday for the first time in three days amid renewed concern that corporate profits won't ++ be as robust as expected in the second half.
The losses capped the busiest week ever on New York Stock Exchange.
The Dow Jones industrial average fell 37.36 to 5,426.82, ending the week down 1.5 percent, or 83.74 points.
The 30-stock average fell to as low as 5,182.70 Tuesday -- 10.3 percent below its record 5,778 May 22 -- before staging a recovery. Sears, Roebuck & Co., General Electric Co. and Eastman Kodak Co. paced today's retreat.
The big swing in stock prices this week, caused by shifting expectations about the strength of second-quarter profits, had Wall Street's trading desks humming.
Almost 2.5 billion shares traded on the NYSE, topping the previous weekly record of 2.35 billion set in the middle of March.
Broad market indexes also fell yesterday.
The Nasdaq composite index fell 12.14 to 1,097.68, and the Standard & Poor's 500 index dropped 4.83 to 638.73. The Nasdaq, which at its worst on Tuesday was down 8.6 percent for the week, closed the week down just 0.53 percent.
The Russell 2,000 index of small capitalization stocks fell 1.38 to 321.54; the Wilshire 5,000 index, comprising stocks on the New York, American and Nasdaq stock exchanges, dropped 45.57 to 6,270.09; the American Stock Exchange market value index fell 2.87 to 548.76; and the S&P; 400 Midcap Index slid 2.13 to 221.66.
Yesterday's most active stocks in U.S. composite trading were Iomega, Battle Mountain Gold Co., Sun Microsystems, Intel Corp. and Cisco Systems Inc.
Declining stocks outnumbered advancers by 1,382 to 953 on the NYSE, reversing the trend of the last two days when advancers exceeded decliners by more than 1,000 companies.
Some 402.2 million shares traded on the Big Board, three days after a record 680.3 million shares changed hands.
Among software stocks, Computer Associates International Inc. fell $1.375 to $47.625; Autodesk Inc. fell $2.375 to $22.375; and Oracle Corp. dropped 87.5 cents to $37.125.
Microsoft Corp. reversed a loss, rising $1.109375 to $120.984375.
lTC Iomega Corp., which reported earnings that beat analyst estimates by a penny a share, dived $5.50 to $22.50 after the disk-drive maker's CEO told analysts the third quarter would be "challenging."
Xylan Corp. dropped $6.75 to $39 after the maker of data switching systems reported second-quarter earnings that matched expectations, and said its gross margin narrowed.
The yield on the benchmark 30-year Treasury bond rose to 6.98 percent from 6.92 percent Thursday.
Pub Date: 7/20/96