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Thursday 12 November 1998 00:02 GMT

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US STOCKS fell for a third day as an optimistic sales forecast from the microchip-maker Intel was overshadowed by concern that the Federal Reserve will not cut interest rates next week. Drug companies and bank shares led the decline.

The Dow Jones Industrial Average fell 40.16 or 0.5 per cent, to 8823.82, surrendering a 72-point gain. The Standard & Poor's 500 Index dropped 7.28 or 0.7 per cent to 1120.98. The Nasdaq Composite Index held up best, slipping 3.39 to 1862.23.

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