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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: keithcray who wrote (1154)	6/13/2001 4:26:00 PM
From: 2MAR$	Respond to of 26752

U.S. stocks fall as economic worries rule late trade NEW YORK, June 13 (Reuters) - Stocks fell on Wednesday, as morning gains gave way to a return of pessimism over the U.S. economy with the release of the Federal Reserve's "Beige Book" survey of economic conditions. The Dow Jones industrial average <.DJI> fell 76.76 points, or 0.70 percent, to 10,871.62, according to the latest data. The Nasdaq composite index <.IXIC> dropped 48.31 points, or 2.23 percent, to 2,121.63. The benchmark Standard & Poor's 500 index <.SPX> lost 14.26 points, or 1.14 percent, to close at 1,241.59. For the S&P 500, it was the lowest close since April 26. Year to date, the S&P 500 is down 6 percent, the Dow is up 0.80 percent and the Nasdaq is down 14.1 percent. "Most districts report that economic activity was little changed or decelerating in April and May," the central bank said in its "Beige Book," named for the color of the report's cover. The report is based on information gathered before June 4. "I would expect for the next few weeks we are going to get economic numbers that show slow growth and moderate inflation and we are going to get earnings releases that are not good," said Tony Dwyer, chief market strategist at Kirlin Holdings. Among individiual issues, Kraft Foods Inc <KFT.N> made its stock-market debut with a modest rise above the price of its initial public offering. The company raised $8.7 billion on Tuesday in the second-largest U.S. initial public offering ever. Kraft, the maker of top brands like Kraft cheese, Oreo cookies and Jell-O gelatin, sold 280 million shares at $31 each. Philip Morris Cos Inc. <MO.N> still owns a controlling stake in Kraft. In the IPO, 16 percent of Kraft was sold to the public. Kraft shares finished New York Stock Exchange trading on Wednesday at $31.25, up 25 cents, or 0.81 percent. ((--Brendan Intindola, Wall Street Desk, 646-223-6111)) REUTERS * end of story *