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To: TobagoJack who wrote (23211)	9/8/2002 12:25:10 AM
From: calgal	Respond to of 74559

Greenspan, Attack Commemoration on Week's Agenda Saturday, September 07, 2002 NEW YORK — The U.S. stock market will focus on Federal Reserve Chairman Alan Greenspan's comments on the economy before Congress next week and will pause midweek to mark the one-year anniversary of the Sept. 11 attacks. Stock prices are expected to show little change in the first half of the week, and then react to Greenspan's interpretation of confusing economic signals as well as new data on wholesale inflation and retail sales, traders said. The raucous commerce of Wall Street will fall silent on Wednesday as the financial community reflects on the deep human loss one year ago and a swift repair of physically devastated lower Manhattan. The New York Stock Exchange will delay the opening bell until 11:00 a.m. to accommodate the thousands of financial professionals attending tributes and services for the 2,819 killed by the air attacks on the World Trade Center. The Twin Towers were located about four blocks from the Big Board, which suffered no physical damage but was silenced for four trading days as technicians labored around the clock to repair the financial district's telephone and power systems. Once back to business the market is likely to wrap up the coming week largely unchanged, traders said. This past week, shortened to four trading days due to Monday's Labor Day holiday, saw stocks fall, unable to recoup Tuesday's steep decline, the largest percentage drop for the broad market in nearly a year. The Dow Jones industrial average gave up about 2.7 percent, the Nasdaq composite fell 1.5 percent and the broad Standard & Poor's 500 dropped 2.4 percent. Since the attacks, the Dow has fallen12.3 percent, the Nasdaq composite is down 23.6 percent lower and the S&P 500 has lost 18.2 percent. After the anniversary ceremony, the key event will be on Thursday when Greenspan testifies before the House Budget Committee. Investors will be listening closely for his interpretation of recent, conflicting economic data, some of which has put the fear of a "double-dip recession" into the market. The market fell sharply Thursday on disappointing data about the health of the U.S. service sector, only to snap back the next day on surprisingly strong August employment numbers. As for other guideposts, there are few significant earnings announcements scheduled, although there will be several key economic releases. Matthew Johnson, managing director and head of stock trading at Lehman Brothers, said, "The issue of Sept. 11 will probably be the most meaningful in the market between now and (Greenspan's testimony)." He said he expects stocks to make only nominal moves through Wednesday, and the balance of the week will depend on Greenspan and late-week data, including the August producer price index on Friday. The PPI is a measure of inflation at the wholesale level. Johnson, who was across the street from the World Trade Center at Lehman's former headquarters when the attacks occurred, said the firm has in-house events planned to observe the anniversary. Craig Cummins, trader at Cantor Fitzgerald, said, "As far as trading goes, more of the same. A sideways market with little reason to think we are going to go strongly one way or another. "But it will be the first full week since summer vacations ended. You historically get some upward movement with an increase in volume," he added. Cummins and his colleagues will not be working on Sept. 11. They will travel to midtown Manhattan to attend a memorial service honoring the 658 people killed who were employees of Cantor and its subsidiaries. "We are closed on Sept. 11 and on the 12th we are going to donate all the commissions of the day to the fund created for the families of victims who worked for Cantor," he said. The Cantor Fitzgerald Relief Fund has distributed about $28 million so far, he added. The change in producer prices last month will be announced before the market open on Friday. The expected forecast based on a Reuters poll of economist is a rise of 0.2 percent. In July, the PPI fell 0.2 percent. At the same time as the PPI release, investors will get August retail sales, which are expected to rise 0.1 percent compared to July's 1.2 percent leap. As for corporate earnings news, Tuesday will bring quarterly results from H.J. Heinz Co. Comverse Technology Inc. and Neiman Marcus Group Inc. Adobe Systems Inc. will report on Thursday. foxnews.com