t_b....and then again, take a look at today's "news"....and then take a look at the bottom which references other items....like BASF, MSFT, JPMorgan, etc etc....Many items seem to influence things...
KLP
go2net.com
Stocks Fall on Renewed Fed
Concern
By Kristin Roberts Jun 6 4:54pm ET
NEW YORK (Reuters) - Stocks
fell on Tuesday as the nation's
central bankers renewed
investors' worries about interest
rates and the economy, giving
Wall Street a reason to cash out
after nearly a week of gains.
Technology stocks joined
interest-rate-sensitive bank and
retail names in a late-day pullback following
word from San Francisco Federal Reserve
President Robert Parry that it is premature for
the Fed to declare victory in its war on inflation.
``All in all, it was a pretty good day, but I think
those comments out of Parry were ill timed,''
said Charles Payne, head analyst at
independent market research firm, Wall Street
Strategies.
The Dow Jones industrial average (.DJI) ended
down 79.73 points, or 0.74 percent, at
10,735.57, dragged lower by J.P. Morgan & Co.
(JPM.N), Hewlett-Packard Co. (HWP.N) and
Home Depot (HD.N). Weakness nearly across
the board offset a strong day for Microsoft Corp.
(MSFT.O), up 2-3/4 at 69-5/8.
Microsoft's gains also failed to buoy the Nasdaq
composite (.IXIC), which dropped 65.37 points,
or 1.71 percent, to 3,756.39 as other technology
stalwarts sunk.
Broader measures of the market rolled back as
well to leave the Standard & Poor's 500 index
(.SPX) off 9.79 points, or 0.67 percent, at
1,457.84 while the Wilshire 5000 (.TMW), a
gauge of roughly the entire U.S. equity market,
fell 104.81 points, or 0.77 percent, to 13,573.99.
The Fed's Parry said that despite recent signs of
slowing in the economy, the central bank could
not conclude from one month's or even one
quarter's data that the trend would last.
Traders said those comments, coupled with a
nagging desire to take profits after last week's
record gain of 19 percent in the Nasdaq index,
weighed on the market. Still, the retracement
was not severe and analysts continued to put
credence behind Wall Street's recent strength.
Merger news, profit warnings and disappointing
sales growth from an electronics retailer also
shaped trading as investors waited for new
economic data due Thursday and Friday on
jobless claims and producer prices.
Shares of the world's leading investment banks
suffered as well. J.P. Morgan, along with Bank of
America (BAC.N), Morgan Stanley Dean Witter
(MWD.N) and Goldman Sachs (GS.N), joined
three other financial institutions to form a
multi-dealer foreign exchange service.
Those shares all rolled back.
Even modestly bullish economic data was not
enough to cheer up the financial sector. Revised
U.S. productivity data for the first quarter showed
workers churned out goods and services at a
more efficient rate, keeping labor costs
restrained and helping mute inflation pressures.
Earlier, the Labor Department reported non-farm
productivity was unchanged from the preliminary
2.4 percent increase in the first quarter.
Non-farm unit labor costs for the first quarter
were revised down to a gain of 1.6 percent from
an initially reported gain of 1.8 percent.
Technology stalwarts fell and the Nasdaq 100
index (.NDX) of top, non-financial shares ended
down 2.25 percent at 3,646.32. The composite
index is weighted by market capitalization,
meaning the biggest, most expensive shares
have the greatest effect on the gauge's direction.
Electronics retailers fell, along with the wider
retailing group, after Circuit City (CC.N) said
sales growth had slowed sharply last month. The
stock lost 12-7/8 to 39-1/4 on volume of 13.8
million shares.
The S&P retail index (.RLX) fell 3.47 percent to
872.63.
Profit warnings also hit the market, kicking off
the pre-announcement season. Electronics for
Imaging Inc. (EFII.O), a maker of software that
connects copiers, printers and digital presses,
plunged 10-13/16 to 23-15/16 after saying
second-quarter results would fall below targets.
Truckload carrier Covenant Transport Inc.
(CVTI.O) fell 7/16 to 8-1/4 and hit a new 52-week
low of 7-9/16 on a profit warning.
Finance (Jun 6 5:54pm ET)
Stocks Fall on Renewed Fed Concern
Rising Productivity Mutes Inflation Risks
Bestfoods Accepts $20.3 Bln Unilever Bid
Online Giants Urge Global Consumer Rules
WorldCom Settles Slamming Probe
Safety-Kleen Misses Debt Payments
U.S. Says Humana to Pay Settlement
BASF Expects Best Year Ever; Stock Falls
NASD Fines JP Morgan for Order Violations
Gates Goes to DC; Microsoft Ruling Nears |
