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Stocks slip at outset of trading day
New York-AP -- Stock prices have started lower on Wall Street. The Dow Jones Industrial Average is down 49 points. Decliners outnumber advancers by about three-to-two on the New York Stock Exchange.
The Nasdaq Composite Index is down 14 points and the Standard-and-Poor's 500 Stock Index has lost five points.
The Dow came into today's session with four straight advances, and gains in nine out of the past ten trading days.
Yesterday's close above nine-thousand was the first for the blue chips in nearly ten months.
The Nasdaq composite has been trading at one-year highs, and has been higher for four straight days as well.
Many analysts say yesterday's advance was sparked by a better-than-expected report on the services sector of the economy.
This morning, before the bell, the government released a report showing surprising weakness in the labor sector. In addition, major retailers are reporting generally unimpressive sales figures for May.
Share prices are lower across Europe despite a half-point rate cut engineered today by the European Central Bank.
Copyright 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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