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
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.
