THE Dow Jones industrials closed lower after a volatile session wiped out a substantial rise as prices buckled under heavy selling pressure from profit-takers.
At the close on Wall Street the Dow Jones was down 36.52 at 6,268.35, after giving up a gain of 50 points earlier in the day.
Most of the Dow's gains were built on Boeing shares, which rose sharply after the company announced it would buy rival aircraft maker McDonnell Douglas.
However, the rest of the market was weaker. Investors seemed to be saying they did not want to risk the year's substantial profits any longer.
NYSE volume totalled 447.58 million shares, against 454.46 million in the previous session.
The Standard and Poor's 500-stock index fell 7.65 to 720.99, and the NYSE's composite index fell 3.22 to 380.85.
The Nasdaq composite index fell 23.82 to 1,261.09, and the American Stock Exchange's market's market value system declined 349 to 572.57.
