Posted at 1:15 p.m., Monday, August 27, 2001
Business doubts result in lackluster trading
Associated Press
NEW YORK — Investors' enthusiasm for stocks cooled today, sending the market slightly lower in an expected pullback after last week's big rally.
Analysts attributed the lackluster trading to low volume ahead of the Labor Day holiday and continuing doubts that business will improve soon. They also speculated that some investors were holding off on any big moves until Wednesday, when the government releases data showing the economy's growth rate.
"There's also no reason to jump in and buy right now," said Larry Wachtel, market analyst for Prudential Securities. "But it was a fairly decent day. I would have thought that given the fact there was no catalyst, we would have given back half of Friday's gains, and we didn't."
The Dow Jones industrial average closed down 40.82 at 10,382.35, according to preliminary calculations, retreating from a 193-point climb Friday.
Broader stock indicators were also weak. The Standard & Poor's 500 index was off 5.72 at 1,179.21, while the Nasdaq composite index was off 4.39 at 1,912.41.
