Closing Market Report

Star-Bulletin news services

Monday, July 16, 2001

Stocks sell off
again on worries

By Lisa Singhania
Associated Press

NEW YORK >> Technology stocks resumed their slide today as investors, staying cautious while they awaited this week's flood of earnings reports, collected profits from last week's rally.

The market, which rallied on a handful of mediocre earnings reports, had little reaction to upbeat second-quarter results from Citigroup and Bank of America and a Commerce Department report showing flattening business inventories. Analysts said Wall Street is waiting to see whether the company reports that begin in earnest tomorrow provide any evidence that the weak economy is stabilizing.

The technology-focused Nasdaq composite index closed down 55.67 at 2,029.12, a loss of 2.7 percent according to preliminary calculations.

The Dow Jones industrial average fell 66.94 to 10,472.12, a 0.6 percent decline, while the Standard & Poor's 500 index was down 13.23, or 1.1 percent, at 1,202.45.

Declining issues led advancers 3 to 2 on the New York Stock Exchange, with 1,188 rising, 1904 falling and 203 unchanged. Volume was light, coming to 1.2 billion shares.

The Russell 2000 index was down 6.92 at 483.79. The NYSE composite index fell 4.59 to 611.57, and the American Stock Exchange composite index dropped 6.58 to 884.35.

The price of the 10-year Treasury note rose 12/32 to 98 24/32, while its yield fell 5 basis points to 5.164. The price of the 30-year note rose 17/32 to 97 2/32. Its yield fell 4 basis points 5.579.

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