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

Stocks lower after production data Original Source Link: (May no longer be active)    http://www.forbes.com/markets/newswire/2003/09/15/rtr1081599.html http://www.forbes.com/markets/newswire/2003/09/15/rtr1081599.html U.S. stocks lower after production data Reuters, 09.15.03, 11:13 AM ET (Updates with sector data) NEW YORK (Reuters) - U.S. stocks edged down at late morning Monday as investors digested slightly disappointing data showing the economy is recovering more or less in line with expectations. Early on Monday the Federal Reserve said output at U.S. factories, mines and utilities grew slightly less than expected in August, while the government reported that inventories at U.S. businesses dipped in July, amid strong sales. "The market was looking for some positive momentum and tried to go higher, but with a neutral industrial production number it just didn't have the gas to sustain it," said Douglas Nardi, director at Scudder Private Investment Counsel. "With the big run-up, there's some people looking to hedge their bets on the market." The Dow Jones industrial average was down 20.08 points, or 0.21 percent, at 9,451.47. The broader Standard & Poor's 500 Index was down 3.55 points, or 0.35 percent, at 1,015.08. The technology-laced Nasdaq Composite Index was down 4.51 points, or 0.24 percent, at 1,850.52. The home improvement and electronic retail sectors, encouraged by signs of demand in inventory data, led gaining stocks. Shares of Home Depot Inc., which which was downgraded by Goldman Sachs last week, rose 88 cents, or 2.8 percent, to $32.48. Shares of International Business Machines Corp. were among the heaviest traded on Monday, rising 84 cents, or nearly 1 percent, to $89.48 after UBS raised its rating on IBM to "buy" from "neutral". After Monday's data, investors are focusing on the Federal Reserve's Open Market Committee on Tuesday, as it reports on its latest meeting. No change is expected on the federal funds rate target of 1 percent -- a 40-year low -- but investors will be examining the Fed's accompanying statement to gauge its view on the strength of the economic recovery. Copyright 2003, Reuters News Service

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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