Closing Market Report

Star-Bulletin news services

Friday, November 16, 2001

Stocks decline amid low
industrial output

By Alan Clendenning
Associated Press

NEW YORK >> Investors opted for safety in lethargic stock trading today, locking in some recent profits and leaving prices barely changed.

Analysts had expected some selling after a three-day rally in which the Dow Jones industrials climbed 318 points.

"Today's pullback is nothing more than people pulling a little bit off the table," said Brian Belski, fundamental market analyst for US Bancorp Piper Jaffray.

The Dow closed down 5.40 at 9,866.99. The Nasdaq composite index slipped 1.99 to 1,898.58 and the Standard & Poor's 500 index declined 3.59 to 1,138.65.

Advancers edged out decliners on the New Stock Exchange, with 1,688 up, 1,428 down and 219 changed. Volume on the NYSE was 1.04 billion shares vs. 1.15 billion shares yesterday.

The NYSE composite index slipped 0.96 to 578.83, the American Stock Exchange composite index rose 1.98 to 798.70 and the Russell 2000 index rose 1.92to 451.31.

The Treasury's 2-year note fell 1/8 to 99 - 14/32; its yield rose 8 basis points to 3.04 percent. The 10-year note fell 26/32 to 101 - 1/32; its yield rose 10 basis points to 4.87 percent. The 30-year bond fell 1 - 1/8 to 101 - 5/32; its yield rose 7 basis points to 5.30 percent.

A government report that industrial production fell sharply in October might have given investors an excuse to sell, but in the end wasn't a major factor, said Stephen Carl, principal and head of equity trading at The Williams Capital Group.

Also today, the Labor Department said consumer prices fell by 0.3 percent in October.

"It seems like a listless Friday," Carl said. "The market is pretty much flat and I don't see any real story."

Wall Street's modest losses were widespread. Citigroup stumbled $1.29 to $48.80, Wal-Mart fell 90 cents to $55.10 and Microsoft declined 37 cents to $65.75.

Other stocks suffered from disappointing earnings results. Dell Computer fell $1.09 to $26.60 after reporting a 36 percent decline in third-quarter net income yesterday.

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