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The Honolulu Advertiser

Posted at 12:34 p.m., Monday, September 15, 2003

Stocks fall on mixed economic reports

Hawai'i Stocks
Updated Market Chart

By Hope Yen
Associated Press

NEW YORK — Wall Street stumbled through a listless session today, closing modestly lower as reports on industrial production and business inventories failed to satisfy investors who had bet on a quick economic rebound.

Stocks struggled to advance on the reports, which showed gradual economic improvement.

"The news is mixed. It appears on balance things are getting better, but you’re not getting every indicator that things are positive," said Robert Streed, portfolio manager of Northern Trust Select Equity Fund in Chicago.

"I think what investors need to hear from companies — but probably won’t hear until they report earnings — is that companies are standing up and saying things are better," he said. "You’ll need to hear good news for the market to continue higher from here."

The Dow Jones industrial average closed down 22.74, or 0.2 percent, at 9,448.81, having declined 0.3 percent last week to end a five-week winning streak.

The broader market also finished lower.

The Nasdaq composite index declined 9.33, or 0.5 percent, to 1,845.70. The Standard & Poor’s 500 index fell 3.82, or 0.4 percent, to 1,014.81.

The Federal Reserve reported today that industrial production rose by 0.1 percent in August. That came after a revised 0.7 percent advance in July; however, analysts expected a gain of 0.3 percent.

Meanwhile, the Commerce Department said business inventories edged lower by 0.1 percent in July, a reading that suggested companies were still wary of increasing supplies.