PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MKTBUZZ who started this subject	10/7/2003 8:49:53 AM
From: Kenneth E. Phillipps	Read Replies (1) of 769670

Bulls face dollar dilemma Stock futures under pressure on concerns over weaker dollar; Alcoa 3Q results awaited. October 7, 2003: 8:03 AM EDT By Mark M. Meinero, CNN/Money Staff Writer NEW YORK (CNN/Money) - U.S. stock markets headed for a lower open Tuesday as renewed concerns over a weakening dollar pressured futures and investors awaited quarterly results from Dow component Alcoa. At 7:50 a.m. ET, futures pointed to a lower start for the major indexes. The dollar fell to its lowest level against the euro in three months amid continued concern about the U.S. economy, particularly the growing budget deficit. The dollar was also lower against the yen. "Sentiment is still dollar negative, and it will take some very decent equity news to turn this around," Ian Gunner, head of foreign exchange research at Mellon, told Reuters. "The market needs something to hang its hat on." The wait for September quarter results ends Tuesday, with Alcoa unveiling its numbers after the close. The aluminum maker is expected to post a profit of 30 cents a share, up from 26 cents a year earlier, according to a consensus of analysts surveyed by First Call.

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