May 29, 1998 3:15 PM

Market Wrap

Stocks dropped sharply as investors played it safe while doubts lingered about the impact of Asia's economic and political woes on domestic corporate profits. The Dow lost 70.25 to close at 8899.95, a 0.78 percent decrease. The Nasdaq lost 15.75 to close at 1778.87, a 0.88 percent dip.

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