Posted on: Friday, March 19, 2004
Stocks falter amid mixed economic, political news
By Meg Richards
Associated Press
The Dow Jones industrial average closed down 4.52, or 0.04 percent, at 10,295.78, rebounding from steep declines earlier in the day.
The Nasdaq composite index lost 14.32, or 0.7 percent, to 1,962.44. The Standard & Poor's 500 index shed 1.43, or 0.1 percent, at 1,122.32.
Stocks tottered in and out of positive territory after Pakistani officials said forces had surrounded Osama bin Laden's top lieutenant, Ayman al-Zawahri. But investor confidence continued to sag on concerns about the sluggish job market, listless bond yields, inflationary pressures and political uncertainty.
Investors seemed unimpressed with a Labor Department report that claims for jobless benefits fell last week to their lowest level in more than three years, surprising analysts who had forecast a slight increase after two weeks of declines.
In another report, the government said inflation at the wholesale level grew by 0.6 percent in January, reflecting the largest jump in energy prices since the start of the Iraq war.
Crude oil was trading at $37.93 a barrel, down 25 cents from the 14-year price peak it reached Wednesday, but still high enough to make investors nervous. Dwindling stockpiles and rising demand could drive prices higher.
Decliners outnumbered advancing issues about 5 to 4 on the New York Stock Exchange. Consolidated volume was light, with 1.69 billion shares traded, compared with 1.96 billion shares on Wednesday. The Russell 2000 index was down 4.02, or 0.7 percent, at 574.55.
NEW YORK — Wall Street stumbled lower yesterday as investors wrestled with mixed economic data and news that Pakistani troops had cornered a key al-Qaida leader.Tech shares were dragged down by Microsoft's antitrust problems in Europe.
