Posted on 07/05/2002 10:03:43 AM PDT by ChadGore
Just and update:
It'll do that on Monday. At least.
Volume as of 12:30ish is only 141,386,600
The market is a little under priced, the DOW should be around 10,000 at least. This is a market correction the ohter way. So Spoosman..... Uh rohry, what's the Gold market doing now in relation to this DOW up-swing? ;)
Looks a little familiar, so far...
Six bear market rallies before it hit bottom.
| DJIA Dow Jones Industrial Average (INDEX) | 7/5/2002 1:22 PM | ||||||
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Stocks fall despite positive GDP report
Thu Jun 27,12:15 PM ET
NEW YORK - Fears about corporate ethics lingered on Wall Street Thursday, with investors selling stocks despite news of stronger-than-expected economic growth.
The downturn followed a volatile session on Wednesday when stocks tumbled on news of an accounting scandal at WorldCom but recovered from their steepest losses late in the day when program buying kicked in.
In midday trading, the Dow Jones industrial average was down 49.64, or 0.5 percent, at 9,070.47. The Dow fell as much as 200 points Wednesday and traded below 9,000 for the first time since October, but closed with a slim loss of 6.71.
Markets were also spooked by unsubstantiated rumors of accounting problems at General Motors. In response, the big auto maker denied the rumors and said it was seeking the source of the rumors, Dow Jones Newswires reported.
The market's broader indicators were also lower and were fluctuating around post-Sept. 11 lows as they did Wednesday. The Nasdaq composite index fell 4.72, or 0.3 percent, to 1,424.61.
The Standard & Poor's 500 index fell 4.63, or 0.5 percent, to 968.90, flirting with post-attack low of 965.80.
Wall Street's slippage follows nearly six weeks of heavy selling on fears about more terrorism and concern about earnings growth and whether companies are accurately maintaining their books.
The market looked past news from the Commerce Department ( news - web sites) that said the economy — as measured by gross domestic product — grew at an annual rate of 6.1 percent in the first quarter, ahead of the government's previous estimates of 5.8 percent and 5.6 percent.
While economic data has been turning more positive throughout the year, analysts say the market's recovery is still going to be rocky. Many say stocks are still overpriced and that investors need time to recover their confidence in companies following accounting debacles that started with Enron's collapse in December.
"The fact is the economy is OK, and that is a good underpinning," for the market, said Scott Bleier, president of Hybridinvestors.com. "But it has been painful, and we are not going back to the heady years. There is still a tremendous amount of pessimism and bearishness."
General Motors Corp. trading was temporarily halted after shares declined 4.8 percent. GM fell dlrs 0.83 to dlrs 52.25, recovering from as low as dlrs 50 when trading was halted.
Other losses included Merck, down 51 cents at dlrs 49.82, and IBM, off 40 cents at dlrs 69.65.
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