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Strategies & Market Trends : Sector Rotation

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From: Sam Citron	3/29/2005 6:36:56 PM
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Late-Session Selloff Sends Stocks Sliding Tuesday March 29, 5:15 pm ET By Michael J. Martinez, AP Business Writer Late-Session Selloff Sends Stocks Sliding As Investors Await Employment Report Later in the Week NEW YORK (AP) -- End-of-quarter selling and growing uneasiness about the economy sent stocks sliding Tuesday, with Caterpillar Inc. and other industrials depressing blue chips and technology issues dragging the Nasdaq composite index to a five-month low. Analysts blamed the selling on portfolio managers looking to unload poor performing stocks before the end of the quarter Thursday. Investors were also nervously awaiting two key economic reports due on Friday, including the Labor Department's March employment figures and the Institute for Supply Management's monthly report on the industrial sector... Caterpillar Inc. led the decliners on the Dow, tumbling $4.42 to $89.80 after a Morgan Stanley analyst said the stock was fairly valued and urged investors to collect profits. Industrials and consumer discretionary stocks fell on fears that consumers would be parsimonious this year, though all the major sectors saw losses for the session. Rising energy prices was also a factor in the selling Tuesday, as they have been all month...

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