WALL Street stocks fell yesterday as investors took profits from the high flying equities market.

The Dow Jones industrial average was down 48 points at the close after falling as much as 52 points in the morning and prompting the New York Stock Exchange to impose restrictions on sell programs.

Declining issues led advances by about seven to six on the New York Stock Exchange. Trading volume was heavy at more than 400 million shares, well ahead of Thursday's pace.

Broad market indexes were mostly lower.

Meanwhile the prospect of further interest rate cuts by the Fed was supported by the release of several economic reports that showed a further weakening in the US economy.