Made stocks fall
Original Source Link: (May no longer be active)
U.S. stocks fall after news of bin Laden tape
Reuters, 02.11.03, 3:07 PM ET
NEW YORK, Feb 11 (Reuters) - Stocks fell across the board on Tuesday afternoon after news of a statement from Osama bin Laden reignited investor jitters that war with Iraq was drawing closer.
U.S. Secretary of State Colin Powell disclosed what appeared to be a new audiotape from bin Laden, saying it suggested further links between global terrorism and Iraq.
"It has everything to do with the bin Laden headline," said Peter Boockvar, equity strategist, at Miller Tabak & Co. "The market turned around when Powell spoke about the tape. It has everything to do with this."
The al-Jazeera satellite television channel said it had received a statement from bin Laden urging Muslim solidarity with Iraq and would broadcast it later in the day.
Also weighing on the market was Federal Reserve Chairman Alan Greenspan's cautious outlook on the economy.
The blue-chip Dow Jones industrial average <.DJI> added to losses, falling 82.79 points, or 1.05 percent, to 7,837.32. The broader Standard & Poor's 500 Index <.SPX> was off 8.30 points, or 0.99 percent, at 827.67. The tech-laced Nasdaq Composite <.IXIC> shed gains, and was last down 6.58 points, or 0.51 percent, to 1,290.10.
Copyright 2003, Reuters News Service