|
|
Stocks tumble on bearish outlooks
New York-AP -- Stocks closed sharply lower after bearish outlooks from Gillette and Costco, and uneasiness about rising interest rates. The Dow Jones Industrial Average fell 150 points to 90-36. The broader market also fell, with the Nasdaq Composite index losing 40 points to close at 16-73, and the S-and-P 500 index finishing 17 points lower at 965.
Declining issues outpaced advancers by more than two-to-one in Big Board trading of one-point-three (B) billion shares.
Analysts say downbeat outlooks from Gillette and Costco sent stocks falling in a market that was growing more uneasy about rising interest rates. Costco shares fell nearly 19 percent. According to Moneyline Telerate, the ten-year Treasury bond yield rose again, to four-point-41 percent from four-point-28 percent yesterday. Mixed economic news and a car bombing in Indonesia also gave investors little reason to take chances on stocks.
Copyright 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
|
|
|
