Stocks fall as investors await earnings reports

Investors opted for safety again today, selling stocks and pushing the Dow Jones industrials below 10,000 as they braced for earnings reports expected to begin in earnest next week.

Wall Street got little comfort from an afternoon speech by Federal Reserve Chairman Alan Greenspan, who said acknowledged the economy is stabilising but still faces significant risks.

The Dow Jones industrial average closed down 80.33 at 9,987.53, the Nasdaq composite index fell 24.78 to 2,022.46 and the Standard & Poor's 500 index declined 10.95 to 1,145.60.

Still nervous about earnings and the economy, investors have been selling stocks all week. Before making bigger commitments to stocks, they want to see companies return to profitability.

Investors also believe there is room for stock prices to come down, considering how far they have risen since the September 11 terror attacks.

The Dow is 17.5% above its September 21 low of 8,235.81. The Nasdaq is nearly 30% above its low; the S&P 500, up almost 19%.

Today's losses were widespread. IBM slipped $1.83 to $120.31, Wal-Mart fell $1.20 to $55.80, and Boeing stumbled $1.15 to $38.69.

Ford fell 13 cents to $15.16 after announcing a restructuring plan that includes cutting 35,000 jobs, closing five plants and eliminating production of four cars models.

Federal Express sank $2.59 to $50.41 after Salomon Smith Barney lowered its rating on the stock to "neutral" from "outperform".

Among gainers, Coca-Cola gained 52 cents to $45.30, while 3M advanced 59 cents to $113.79.