08/13/1998 15:26:41 Wall Street retreats on Russian markets turmoil
NEW YORK, Aug 13 (Reuters) - An early rally on Wall Street
fizzled fast Thursday, giving way to renewed selling spurred by
growing turmoil in Russian and Asian financial markets.
The latest rout in Russian markets added to already high
anxiety in the U.S. market over the Asian financial crisis.
"U.S. stocks are continuing to react to the news of the
day. The focus continues to be on Russia and Japan," said Alan
Skrainka, chief market strategist at Edward Jones. "There is
speculation rising that Russia may be forced to devalue."
At 1104 EDT/1504 GMT, the Dow industrials were down 17
points at 8536.
The New York Stock Exchange reset program trading curbs at
1049 EDT after the Dow fell 50 points, then lifted them 13
minutes later when blue chips pared their losses.
The tech-laden Nasdaq fell nine to 1817 while the S&P500
was off three at 1082. Decliners outnumbered advancers by 17-9.
The Russell 2000 was hardest hit of the main indices, down 1.03
percent to 404.37.
Skrainka said the problems in Russia highlight the
fragility of eastern Europe.
"The more all these currencies fall, the greater the risk
that we could see a global recession.