Around the World's Markets: New York

US STOCKS fell on concern that the euphoria that sent the Dow Jones Industrial Average up 21 per cent in six weeks was unjustified by the outlook for corporate profits.

"Cooler heads are prevailing today," said one trader.

The Dow Jones dropped 73.12, or 0.8 per cent, to 9,301.15, with American Express leading the decline. The Standard & Poor's 500 Index fell 5.22, or 0.4 per cent, to 1,182.99. The Nasdaq Composite Index lost 11.54, or 0.6 per cent, to 1,965.88.