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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (16731)	7/21/1998 1:07:00 PM
From: Moonray	Read Replies (1) \| Respond to of 22053

Stocks down after Fed chief speaks NEW YORK (CBS.MW) -- An earnings report from International Business Machines that bested most Wall Street expectations was not enough to overcome cautionary remarks by Federal Reserve Chairman Alan Greenspan Tuesday. As a result, U.S. stocks reversed their initial run-up, with blue-chip issues absorbing most of the selling. "We think that the current lack of market breadth will last for a while, but doesn't necessarily mean the market or the Dow are headed down," Ralph Acampora, chief technical analyst at Prudential Securities, said in a research note. Greenspan sees no policy change . . . WASHINGTON (CBS.MW) -- Blue chips stocks dipped after Federal Reserve Chairman Alan Greenspan said stock prices could be "difficult to sustain" unless the current "virtuous cycle" of the U.S. economy continues. In his semi-annual Humphrey-Hawkins testimony to the Senate Banking Committee, Greenspan said the Asian economic crisis has hit the U.S. economy harder than anticipated. But he added the biggest risk to the economy remains a rekindling of inflation. He said the slowdown from Asia was just what the U.S. economy needed after years of unsustainable fast growth. o~~~ O