Stocks sank again Friday, pressured by worries about violence in Southeast Asia and a new spate of warnings about technology company profits.
The Dow Jones industrial average fell 76.23 to 9,096.00, finishing the week 40.85 higher, but about 115 points below Wednesday's record of 9,211.84.Broad-market indicators also posted sizable losses amid reports that hundreds of looters had died in shopping mall fires in Indonesia during a fourth straight day of rioting. The U.S. Embassy urged all Americans to leave Indonesia, and major companies such as Mobil, Citicorp and Merrill Lynch closed their operations there.
The sudden unrest, triggered by price hikes implemented as part of an international bailout agreement, has undermined hopes that Asia can recover smoothly from the financial crisis that took hold last fall.
"With the Indonesia situation deteriorating" and leaders of eight major nations meeting in England for an economic summit, "there's clearly reason for some concern and for investors to back away and take precautions before the weekend," said Ricky Harrington, technical analyst at Interstate/Johnson Lane in Charlotte, N.C.
Also weighing on the market Friday was a discouraging report on Intel by a prominent analyst at Merrill Lynch and a profit warning from National Semiconductor.
Those developments rattled the technology group, which had surprisingly suffered only marginal damage following late Wednesday's profit warning from Hewlett-Packard.
Intel sank 41/4 to 80 5/16 in active Nasdaq trading, while National Semiconductor fell 1 9/16 to 17 5/16 on the New York Stock Exchange.
Merrill Lynch also made its presence felt in the Dow, with Disney plunging 5 7/16 to 1105/8 after a downgrade by the investment firm.
The technology-laden Nasdaq composite index fell 18.59 to 1,846.77, with Dell Computer sliding 51/4 to 90 as the most active issue, while the Standard & Poor's 500-stock list fell 8.64 to 1,108.73.
Declining issues outnumbered advancers by a 3-to-2 margin on the New York Stock Exchange, where volume totaled 621.99 million shares, up from 578.38 million on Thursday.
The NYSE composite index fell 3.91 to 574.40, and the American Stock Exchange composite index fell 4.29 to 737.09.
The Russell 2000 index of smaller companies fell 3.11 to 472.44.
Overseas, Tokyo's Nikkei stock average fell 0.4 percent, Frankfurt's DAX index rose 0.6 percent and London's FT-SE 100 fell 0.5 percent.