NewsMine — economy — united-states — 2004 — 2004-jan-mar — Viewing Item

Stocks slip oil prices a worry Original Source Link: (May no longer be active)    http://www.forbes.com/markets/newswire/2004/03/18/rtr1303680.html http://www.forbes.com/markets/newswire/2004/03/18/rtr1303680.html U.S. stocks slip. high oil prices a worry Reuters, 03.18.04, 10:08 AM ET By Anna Driver NEW YORK, March 18 (Reuters) - U.S. stocks fell on Thursday after two days of gains as a spike in oil and prices of U.S. producer goods sparked inflation worries. Microsoft Corp. (nasdaq: MSFT - news - people) weighed on stocks following news that it and the European Commission failed to reach a settlement in a landmark antitrust case. A jump in energy prices pushed U.S. wholesale prices up sharply in January, according to a delayed report from the Labor Department. The producer price index, which measures prices paid to farms, factories and refineries, climbed a steeper-than-expected 0.6 percent in January. Without food and energy costs, PPI rose a higher-than-expected 0.3 percent. "The economic data came in about as expected and I think the market is just taking a pause as it tries to reassess the economic environment for the next 12 months," Cary B. Nordan, vice president and equity analyst, BB&T Asset Management. "I think oil is certainly a consideration. As we get into May and June, investors will really stare down that number." The Dow Jones industrial average <.DJI> was down 45.63 points, or 0.44 percent, at 10,254.67. The Standard & Poor's 500 Index <.SPX> was down 5.23 points, or 0.47 percent, at 1,118.52. The technology-laced Nasdaq Composite Index <.IXIC> was down 13.18 points, or 0.67 percent, at 1,963.58. The number of Americans filing for initial jobless benefits dropped to the lowest level in more than three years last week, the government said in a report that pointed to a brightening job market. First-time claims for state unemployment insurance benefits dropped by 6,000 from the prior week to 336,000 in the week ended March 13 -- well below analysts' forecasts and the lowest for any week since Jan. 13, 2001. Brent crude futures for May fell 25 cents to $33.28 a barrel after a rise of more than 80 cents the previous session. Crude closed in New York on Wednesday at $38.18, its highest close in 13 years. Microsoft, the world's largest software maker, suffered a blow on Thursday when the top European Union regulator said the European Commission and the company failed to reach a settlement of monopoly charges. The EU executive will now rule against Microsoft, which is expected to face a possible a fine. Microsoft shares fell 28 cents to $24.85. The stock was the most active on Nasdaq. Investment bank Morgan Stanley (nyse: MWD - news - people) reported a better-than-expected quarterly profit before the open, helped by a rebound in investment banking and equity businesses and a record quarter for its Discover Card unit. Morgan Stanley shares were off $1.03 at $59.431. Copyright 2004, Reuters News Service

Adds fewer jobs than expected Blue chips in the red Bush says sending jobs overseas helps us { February 10 2004 } Data dispite bush rich label for small businesses Dollar hits 11 year low against pound Dollar plunges after us jobs data { March 5 2004 } Dollar slides as consumer data disappoint Dollar slips vs high yielders ahead of trade data Euro hits new high against dollar { February 18 2004 } Fed governor says inflation was too low Fed keeps rates steady calls for patience Gop cheers job increase { April 3 2004 } Greenback slides on lack of fed worries { January 6 2004 } Heineken warns weak dollar will hit profits Inventory levels low show wary business { March 12 2004 } Investors should worry about inflation risks Job growth stalls in february { March 5 2004 } Lack of new job deals blow to us economy { March 5 2004 } Levi strauss zips up last us plants { January 9 2004 } Manufacturing jobs replaced with mcdonalds Manufacturing news disappoints economists Misleading unemployment figures muddled job crisis Mutual fund 40bn inflows 2003 { February 5 2004 } Nasdaq leads surging wallstreet Ny fed warns of risks to us economy Reactions to fed rate left unchanged Real unemploytment rate higher argue economists Senator hollings discusses dangers sending jobs overseas { March 30 2004 } Sluggish job growth threatens recovery { February 10 2004 } States expect budget shortfalls Stocks slip oil prices a worry Treasuries surge as fed ackknowledges jobs gloom Us national debt tops 7trillion { February 18 2004 } Us stocks soar after 5 day tumble Files Listed: 34

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