NEW YORK, Dec. 16 -- U.S. stock prices fell as the impeachment hearings, possible airstrikes in Iraq and weak corporate earnings kept many investors on the sidelines. The Dow Jones Industrials fell 32.70 today to 8,790.60 on moderate volume of 721 million shares on the New York Stock Exchange.
The S&P 500 fell 0.85 to 1,161.98. Breadth was negative as NYSE decliners led advancers 1,564 to 1,492. The impeachment hearings continued to depress the market as the possibility of the President Clinton being impeached gained momentum. Dealers questioned the president's motivation concerning the military action in Iraq due to the timing of the impeachment hearings. Worries about weak corporate earnings contributed to dragging the market lower. Shares of Minnesota Mining & Manufacturing, also known as 3M, weighed the Dow after the company said its quarterly earnings would fall approximately 10 percent. 3M fell 2 3/16 to 71 9/16. This follows a positive earnings forecast from General Electric Monday, which had created some optimism over earnings. Brean Murray & Co. trader Peter Coolidge said: 'There is a lot of news to digest. The market is bracing itself. There is a wait-and-see attitude as the market is nervous in the face of the events.' ---
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