Worldwide Market Rally Ends On Fear of a Longer War
By Floyd Norris
Worldwide rally in stock prices end abruptly, with declines particularly sharp in Europe, as American-led forces in Iraq run into fierce fighting in their drive to Baghdad; major US stock indexes fall at least 3.5 percent, but performance is relatively good compared with that of many European markets; leading Dutch index plunges 6.4 percent, and indexes in France, Germany and Switzerland fall 5 percent or more; Istanbul stock market falls 5.2 percent, bringing its losses for four days to 16 percent, Dow Jones industrial average falls 307.29 points, or 3.6 percent, to 8,214.68, while Standard & Poor's 500-stock index is down 31.56 points, or 3.5 percent, to 864.23; Nasdaq composite index falls 52.06 points, or 3.7 percent, to 1,369.78; interest rates on Treasury securities drop, with 10-year Treasury note yield falling to 3.97 percent, from 4.10 percent; graph; photo (M)