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To: Kayaker who wrote (55061)	7/29/1998 4:03:00 PM
From: Mohan Marette	Read Replies (4) \| Respond to of 176387

What is going on today??? The 'experts' speak. Bob Check this out, there is always something,today it is Asia,tomorrow it's the Monica girl,on and on the list goes and some days it's the earnings,if they can't find anything they put'em all together on one day, then they reverse the list and start over again,forget about the economy and how well it is doing that is besides the point.Are you with me Bob????<g> ================================================================ NEW YORK (CBS.MW) -- U.S. stocks shuffled lower Wednesday, led by sagging technology, retail, and healthcare sectors. At 3:00 p.m. ET, the Dow Jones Industrial Average declined 51.75 points, or 0.6 percent, to 8,883.33. The action occurred as investors weighed the outlook for earnings, the Asian situation, and the Monica Lewinsky case. The market's uncertainty was reflected in the slackening in trading activity. Also on investors' screen was Thursday's release of an important government report on second-quarter labor costs. From July 20's intraday high of 9,367.84 to Tuesday's session low of 8,816.09, the Dow fell 551.75 points, or 5.9 percent. During this span, the average stock has fared worse than larger, blue-chip shares. Indeed, the number of New York Stock Exchange stocks printing new 52-week lows in Tuesday's session was the most since 1994, indicative of the market's poor subsurface condition. With most big U.S. corporations already having reported second-quarter earnings, investors have taken a cautious approach to the market. This in light of uncertainty regarding profits growth in the second half of the year. Too, the inability of Japan to decisively address its economic problems has also put a question mark on the speed with which Asia can rise from the ashes of its economic meltdown. See exclusive Robert Rubin interview. Looming in the background is Monica Lewinsky's immunity deal with special prosecutor Kenneth Starr. Tuesday, the two struck an agreement that will grant the ex-White House intern full immunity in exchange for her testimony of an alleged affair with President Clinton. Thus far, however, the consensus on Wall Street is that developments on the Lewinsky front will merely give nervous investors an excuse to sell stocks. "In the end, we don't care about a weakened president so much as we care about an impeached one," said Tony Crescenzi, chief bond market strategist at Miller Tabak Hirsch. "With there being a Republican congress, the markets believe that the likelihood of legislation being pushed through that is not market friendly is low. "But the Lewinsky situation is a factor and we don't know how it's going to play out." "Many investors, particularly foreign investors, are concerned when there's turmoil in the Oval Office, and I think that over 50 percent of major investors are somewhat frightened of Al Gore as president," said Robert Stovall, president of Stovall/21st Advisers. "You almost never unseat a sitting president unless he gets involved with unpopular wars, depressions/recessions, inflation, bear markets, high unemployment, or the sort of thing that trapped Nixon. "But you have a situation where the economy is almost picture-perfect, and unemployment is at a low record, and there's no major global threat to us," continued Stovall. "The [Lewinsky matter] doesn't have much to do with morality or who told what to whom. Just that if President Clinton had to go, it would be unsettling. "That's why I think U.S. bonds aren't doing well and why the foreigners are selling stocks, in my opinion."