WALL Street stocks were pulled down yesterday by another steep slide in technology issues. The Dow Jones industrial average dropped 36.57 points to close at 5682 70 The barometer of 30 blue chip companies had hung near its opening level for much of the morning before slipping.
Broader measures of large company stocks also started falling after some initial resistance to the drag in computer related stocks.
The technology heavy Nasdaq market was again sharply off as, investors, worried by a series of cautious profit outlooks in the computer industry, continued to take profits.
There was little market reaction to yesterday morning's report that US factory orders for, large durable goods shot up 3.3 per cent to $171.8 billion in May, the highest level on record. The report is considered a key gauge of the manufacturing sector and an increase in orders can lead to more production and jobs and translate into more consumer demand and inflation.