NewsMine — economy — united-states — 2003 — 2003-sept-oct — Viewing Item

Stocks fall economy worries { September 30 2003 } Original Source Link: (May no longer be active)    http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=3533103 http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=3533103 U.S. Stocks Fall on Worries Over Economy Tue September 30, 2003 11:36 AM ET By Denise Duclaux NEW YORK (Reuters) - Stocks slumped on Tuesday after gauges of Midwest business activity and U.S. consumer confidence missed Wall Street expectations and whipped up fears over the pace of the nation's economic recovery. A disappointing outlook from Sun Microsystems Inc. SUNW.O added more pressure to the market ahead of the quarterly earnings season. The network computer maker spiraled more than 14 percent lower and topped the Nasdaq's most active list. The technology-laced Nasdaq Composite Index .IXIC dropped 33 points, or 1.84 percent, to 1,791, while the blue-chip Dow Jones industrial average .DJI lost 131 points, or 1.40 percent, to 9,249. The broader Standard & Poor's 500 Index .SPX fell 13 points, or 1.37 percent, to 992. Corporate profit warnings ahead of the earnings season in October and a batch of mixed economic reports are heightening concerns that the pace of the recovery may not be strong enough to support the big run-up in share prices over the past six months. "The market cannot make another significant move higher unless it shows this recovery is sustainable," said Bill Strazzullo, market strategist with State Street Corp. The National Association of Purchasing Management-Chicago business barometer sank to 51.2 from 58.9 in August. Economists polled by Reuters had pegged the September index at 57.0. The Conference Board's consumer confidence index for September fell to 76.8 from a revised 81.7 in August. Economists had forecast a rise to 81.8 in September. Sun Microsystems tumbled 55 cents to $3.31 after warning of a larger-than-expected loss in its fiscal first quarter. Sun's rivals followed the downward trend. Hewlett-Packard Co. HPQ.N slumped 46 cents, or 2.3 percent, to $19.16. International Business Machines Corp. IBM.N dropped 93 cents, or 1 percent, to $88.52. Dell Inc. DELL.O fell 70 cents, or 2 percent, to $33.53. Enterasys Networks Inc. ETS.N plunged $1.77 or 31.1 percent, to $3.93 and ranked as the most active on the New York Stock Exchange. The company said it expects third-quarter revenue to be down 8 to 13 percent from second-quarter revenue as some customers delayed purchasing decisions. Regeneration Technologies Inc. RTIX.O sank $3.97, or 29.4 percent, to $9.55. The processor of human tissue for transplants warned that its third-quarter revenue would be lower than its previous target. (With additional reporting by Doris Frankel, Rachel Cohen)

2 years in a row more in poverty Asian debt withdrawal threat to us deficit { September 7 2003 } Asian unpegging crucify us { October 3 2003 } Bush bid weaken dollar against asia { September 24 2003 } Bush cuts schools highways { September 10 2003 } Bush priorities under scrutiny Bush takes credit economic upturn { September 1 2003 } China brings us export resictions into trade debate Deficit not manageable { September 18 2003 } Deflation still worries federal reserve { September 17 2003 } Deflation will continue for years { September 10 2003 } Disappointed earnings bonds rally Dollar gains on euro { September 2 2003 } Dollar over valued { September 18 2003 } Dollar plunges 3 year low Dollar tumbles low against euro { October 8 2003 } Economy expands fastest since 1984 no jobs { October 31 2003 } Fed holds rates warns on deflation Firms dont buy rebound Firms still slashing jobs Foreign investors fear weak dollar { September 22 2003 } Gold hits 7 year high { September 25 2003 } Gold records as tumbling dollar { September 10 2003 } Government claims unemployment stabilizing { October 3 2003 } Grocery workers 3rd day strike san diego { October 14 2003 } Job loss like great depression Jobless claims lowest eight months { October 9 2003 } La transit strike may strand 500 thousand { October 14 2003 } Mass august layoffs { September 26 2003 } Monthly costs iraq approach vietnam Poor gained 1 3m in 2002 { September 3 2003 } States risk big losses bond funding pensions { October 12 2003 } Stocks at 14 month high { September 2 2003 } Stocks fall economy worries { September 30 2003 } Stocks lower after production data Stocks rebound hopes intact { October 1 2003 } Stocks rise on upbeat analyst reports { September 8 2003 } Stocks slip bonds rise Trade gap bring down dollar warns imf { September 19 2003 } Trade gap could bring down dollar { September 19 2003 } Uninsured increases 2 4 million last year { September 30 2003 } Us bonds face gloomier future as selling continues { September 7 2003 } Us closes last levis manufacturer { September 26 2003 } Us losing millions manufacturing jobs { September 4 2003 } Weak dollar raises stocks Files Listed: 45

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