07 March 2003 08:36
Business And Finance (Market Report- New York): Stocks fall on rising jobless claims and profit warnings - Dow Jones Industrial Average: 7,673.99 (-101.61)
Stocks fell yesterday for the third time this week as profit warnings and rising jobless claims soured the mood of
investors already rattled by the prospect of war in Iraq.
The blue-chip Dow sank to fresh lows not seen since early October as investors awaited a news conference last night
by President George W. Bush to discuss what the White House called the importance of disarming Iraq in the face of
staunch opposition from France, Russia and Germany.
'For the market to go up, investors need to see companies become investment-oriented. But that won't happen
until the Iraq situation is resolved,' said one dealer.
Lines for first-time jobless benefits lengthened last week, government reports showed, while profit warnings from
defence contractor Raytheon, drugmaker Schering-Plough and poultry and beef processor Tyson Foods reignited worries the
economy is not fully on the mend.
The Dow Jones Industrial Average slid 101.61 points, or 1.31 per cent, to 7,673.99. The broad Standard &
Poor's 500 Index fell 7.75 points, or 0.93 per cent, to 822.10. The tech-led Nasdaq dropped 11.48 points, or 0.87
per cent, to 1,302.92, based on the latest available data.
[UKIR [UK & Ireland Intelligence Wire]] |
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