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To: Don Edgerton who wrote (46219)	10/26/1999 5:11:00 PM
From: T L Comiskey	Respond to of 152472

<Possible Weakness(es)>.......Tuesday October 26, 4:41 pm Eastern Time U.S. stocks end lower on Fed inflation warnings (Updates to close, new byline) By Eric Wahlgren NEW YORK, Oct 26 (Reuters) - Stocks closed lower on Tuesday after Wall Street was rattled by the latest warnings from the nation's central bankers that there was a real risk of inflation. The Dow Jones industrial average (^DJI - news) was down 47.80 points, or 0.46 percent, at 10,302.13. In the broader market, declining issues outnumbered advances 18 to 11 on moderate volume of 873 million shares on the New York Stock Exchange. The Nasdaq composite index (^IXIC - news) was off 4.48 points, or 0.16 percent, at 2,811.47. The Standard & Poor's 500 index (^SPX - news) was down 11.72 points, or 0.91 percent, at 1,281.91. Federal Reserve Bank of San Francisco President Robert Parry said in a speech that strong domestic spending along with growing demand overseas posed a risk of accelerating U.S. inflation. In a separate speech, Federal Bank of St. Louis President William Poole warned against ``wishful thinking' on productivity and growth. ``The pendulum is on the side of the Fed raising (interest) rates,' said Charles Payne, head analyst at Wall Street Strategies. ``Any rally attempt is definitely going to be tempered.' Investors took the Fed officials' comments as yet another signal that the Fed is likely to raise interest rates when its policy setting committee meets on Nov. 16. ``We are being hampered by Interest rates,' said Larry Rice, chief investment officer at Josephthal Lyon & Ross. ``I just think this continues the trend of nervous markets ahead of the reports on Thursday.' On Thursday, the government will release U.S. gross domestic product figures, which should give more clues on what the Fed will do with interest rates. The 30-year U.S. Treasury bond was down 11/32, with the yield rising to nearly 6.38 percent from 6.35 percent Monday. Investors were also sizing up how the market will change after the reshuffling of four of the Dow's 30 components, effective Monday. The new members of the 30-stock Dow will be software giant Microsoft Corp. (NasdaqNM:MSFT - news), semiconductor company Intel Corp. (NasdaqNM:INTC - news), local telephone company SBC Communications Inc. (NYSE:SBC - news) and home improvement superstore Home Depot Inc. (NYSE:HD - news).