Around the World's Markets: New York

Wednesday 25 November 1998 01:02 GMT

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THE DOW JONES Industrial Average fell back from Monday's record close amid concerns about blue-chip profitability. Figures released yesterday by the US government showed that after-tax corporate profits fell 1.8 per cent in the third quarter. At lunch-time, the Dow was trading down 33.98 points at 9,340.29.

One trader said: "We really need to see strong earnings growth for a sustained upside to the market and in our view, that's coming in the second half of 1999 at the earliest."

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