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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (19395)	1/7/2002 4:26:37 PM
From: Sully-	Respond to of 99280

Stocks Fall as Valuation Jitters End Rally NEW YORK (Reuters) - Stocks fell on Monday, the first down session of 2002, as investors weighed high-priced stocks against the uncertainty of a corporate-profit recovery and rebound from a recession. ``The market is expensive based on everything that everyone is talking about -- certainly earnings,'' said Michael Vogelzang, president of Boston Advisors, Inc. ``The guys who think the economy is going to roll over and die are winning today ... The tug-of-war is minute by minute in a lot of cases.'' The Dow Jones industrial average (.DJI) fell 62.69 points, or 0.61 percent, to 10,197.05, according to the latest data, while the Nasdaq composite (.IXIC) shed 22.25 points, or 1.08 percent, to 2,037.13. The benchmark Standard & Poor's 500 (.SPX) gave back 7.62 points, or 0.65 percent, to 1,164.89. Yet, even including Monday's decline, the Dow is up 1.75 percent so far this year, while the Nasdaq has risen 4.4 percent and the S&P 500 is higher by 1.5 percent. Stocks were buoyant at the open, then slid into the red by midsession. Early optimism came from Compaq (NYSE:CPQ - news), the No. 2 personal computer maker. The stock gained 29 cents, or 2.5 percent, to $11.68, a four-month high. The company forecast a quarterly profit on revenue of $8 billion rather than the loss seen earlier by the company, signifying the struggling PC industry experienced surprising holiday demand.