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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56771)	12/1/2001 10:09:53 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

U.S. stocks end flat, fears recovery will be slow Reuters, 11.30.01, 4:48 PM ET By Denise Duclaux forbes.com NEW YORK, Nov 30 (Reuters) - Most stocks crept lower on Friday after the economy suffered its worst slump in more than a decade in the third quarter, but blue chips scraped out meager gains on a better-than-expected outlook from retailing heavyweight Home Depot Inc. (nyse: HD - news - people). "The economic recovery is probably going to prove a bit more anemic than what had been hoped for," said Jeff Kleintop, chief investment strategist at PNC Advisors, which oversees $65 billion. "I think we will get a recovery next year, but probably not at the same velocity that had been priced into the outlook for earnings and the market." In the third quarter, the economy shrank at the steepest pace since the last recession in 1991, as corporate profits tumbled for a fourth straight quarter, according to the government. In another report, manufacturing activity in the Chicago area in November fell to its lowest level since July, showing more weakness in the economy. Home Depot emerged as a bright spot -- buoying retailers and other cyclicals like auto giant General Motors Corp. (nyse: GM - news - people) thought best positioned to gain from an economic bounce. Chip-equipment maker Novellus Systems Inc. (nasdaq: NVLS - news - people) pressured technology shares with a grim outlook. Enron Corp. (nyse: ENE - news - people) dragged on utilities as the once proud energy trader teetered near bankruptcy. The tech-laced Nasdaq Composite Index <.IXIC> edged down 2.69 points, or 0.14 percent, to 1,930.57. The blue-chip Dow Jones industrial average <.DJI> rose 22.14 points, or 0.23 percent, to 9,851.56. The broader Standard & Poor's 500 Index <.SPX> shed 0.75 of a point, or 0.07 percent, to 1,139.45.