Asian Turmoil Overshadows Positive News

A pair of favorable economic reports had little impact on U.S. financial markets this week.

Stocks slid again Friday as investors continued to fret over the financial turmoil in Asia and the possibility that President Clinton may be weakened by new accusations of sexual misconduct.

For the week, the Dow Jones industrial average fell 52.81 points, closing at 7,700.74.

In economic reports this week:

The Commerce Department said housing starts slipped 0.8 percent in December to a seasonally adjusted annual rate of 1.52 million. For the year, builders began construction on 1.48 million units, just 1,100 short of the 1996 total, which marked an eight-year high.

America’s trade deficit unexpectedly narrowed to $8.04 billion in November, the Commerce Department reported, as a big drop in demand for imported oil and record exports of U.S. autos produced the country’s best trade performance in eight months.