Around the World's Markets: New York

SHARE PRICES shed early gains to close in negative territory, but off the worst levels of the session, amid concerns that shares have reached overvalued levels and caution about earnings.

The Dow Jones Industrial Average closed down 33.85 points at 9,693.76 and the Nasdaq Composite down 4.68 at 2,392.94. Computer buy programs had sent the Dow to a new intra-day high of 9,798.65, but lack of follow- through buying pushed shares back down.