Posted on: Tuesday, October 26, 2004
Dow hits year-to-date low amid uncertainty
By Michael J. Martinez
Associated Press
NEW YORK — Volatile crude oil prices kept stocks under pressure yesterday. Questions over economic growth and the upcoming election weakened the U.S. dollar and contributed to investors' uncertainty.
The Standard & Poor's 500 index was down 0.94, or 0.09 percent, at 1,094.80, and the Nasdaq composite index lost 1.10, or 0.06 percent, at 1,914.04.
A strong report on home sales helped minimize losses. The National Association of Realtors said sales rose 3.1 percent in September to a seasonally adjusted annual rate of 6.75 million units, better than the 6.54 million sales that economists had expected.
The dollar slid to an eight-month low early yesterday. Meanwhile, many analysts believe oil prices will start to weigh heavily on the economy should they remain above $50.
"For the first time, you're really starting to see companies mention oil in their earnings reports this quarter," said Chris Johnson, of Schaeffer's Investment Research. "Up until now, high oil prices have been little more than a nuisance ... ."
The Dow Jones industrial average fell 7.82, or 0.08 percent, to 9,749.99, setting a fresh year-to-date low for the Dow in its lowest close since Nov. 24. The Nasdaq composite index lost 1.10, or 0.06 percent, at 1,914.04.
Advancing issues outnumbered decliners by nearly 5 to 4 on the New York Stock Exchange, where preliminary consolidated volume came to 1.72 billion shares, compared with 1.84 billion Friday. The Russell 2000 index of smaller companies was up 3.89, or 0.69 percent, at 571.67.
The Dow Jones industrial average fell 7.82, or 0.08 percent, to 9,749.99, setting a fresh year-to-date low for the Dow in its lowest close since Nov. 24.
