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Friday 08 January 1999 01:02 GMT

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US STOCKS were mixed. The Dow Jones recovered almost all of a 118-point plunge as banking shares rallied, while concern that profits will not justify big gains depressed most shares.

Many traders were expecting a big decline today after the Goldman Sachs strategist, Abby Cohen, and the Federal Reserve vice-chairman, Alice Rivlin, warned that stocks may have risen too far, too fast.

The Dow ended 7.21 down at 9,537.76. The Nasdaq Composite Index rose 5.33 to 2,326.19.

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