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Politics : Formerly About Applied Materials

AMAT 327.01

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Jan 16 9:30 AM EST

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To: StanX Long who wrote (56405)	11/28/2001 2:03:29 AM
From: StanX Long	Read Replies (1) of 70976

Tuesday November 27 08:00 PM EST Techs drop as consumer confidence sours By Tiffany Kary CNET News.com dailynews.yahoo.com Evidence of slipping consumer confidence hurt technology stocks and the broader markets Tuesday, as investors considered the possibility that holiday shopping might not live up to expectations this year. The Dow Jones industrial average dropped 110.15 to 9,872.60, and the Nasdaq composite index closed down 5.26 to 1,935.97 after a brief spell in positive territory earlier in afternoon trading. The markets rose Monday as investors applauded news from Internet retailers that holiday spending was increasing and treated official word that the United States is in a recession as old news. But investors changed their minds after a dour consumer confidence report Tuesday. U.S. consumer confidence (news - web sites) fell for the fifth straight month in November, according to a report from the Conference Board (news - web sites), a private business research group. The index fell to 82.2 in November, compared with a downwardly revised 85.3 in October. Economists had expected the index to rise to 87.9. "A turnaround in confidence levels is not likely before year's end," said Lynn Franco, director of the Conference Board's Consumer Research Center, "nor are retailers likely to enjoy a blockbuster holiday season." Rising unemployment and continuing layoffs are weighing on confidence, Franco added.

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