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NEW YORK -- An industry report suggesting the economy is improving failed to cheer Wall Street today as investors sent the Nasdaq composite index to its lowest level in more than two years. Dow up 0.23
Associated Press
Analysts said the market was concerned the upbeat news was temporary and would deter the Federal Reserve Board from cutting interest rates again. They also noted that buyers are sitting out a market in which stronger company profits and stock prices are elusive.
The Nasdaq composite index closed down 23.98 at 2,244.96. It was the lowest close since hitting 2,208.05 on Jan. 4, 1999. Blue chips suffered less. The Dow Jones industrial average ended the session virtually unchanged, rising 0.23 to 10,526.81 despite sliding as much as 153 points in heavy trading. The broader Standard & Poor's 500 index slipped 2.45 to 1,252.82. Decliners outnumbered advancers nearly 2 to 1 on the New York Stock Exchange, with 1,895 down, 1,138 up and 223 unchanged. Volume was 1.35 billion vs. 1.20 billion yesterday.
The NYSE composite index fell 2.12 to 627.62, the American Stock Exchange composite index lost 7.54 to 904.76 and the Russell 2000 index fell 6.25 to 477.26
The Treasury's 10-year note fell 1/4 to 98 22/32; its yield rose 3 basis points to 5.17 percent. The 30-year bond fell 20/32 to 97 23/32; its yield rose 4 basis points to 5.53 percent.
All three indexes are below where they started 2001, despite healthy runups in some stocks last month. The Nasdaq has been particularly devastated: it is now nearly 56 percent off its all-time closing high of 5,048.62, reached last March.