Ramsey
24-07-2002, Wed 9:21 AM
عن داو جونز نيوز واير
US SUMMARY: Wall Street Takes A Late, Steep Dive
DJIA 7702.34 loss 82.24 dn 1.1%
NASDAQ 1229.05 loss 53.60 dn 4.2%
S&P 500 797.70 loss 22.15 dn 2.7%
Dow Future 7658.00 loss 40.00 dn 0.5%
NASDAQ Future 903.00 loss 1.00 dn 0.1%
S&P Future 793.00 loss 3.80 dn 0.4%
10-Yr US Treasury: 4.42% up 7/32
NEW YORK (Dow Jones)--Wall Street succumbed to late selling Tuesday, with the Dow Jones industrial average ending down 82 points after being 110 points higher at one stage. The Nasdaq plunged to its lowest close since April 1997 on very heavy volume and the S&P 500 dived to a five-year low.
STOCKS: Wall Street staggered through another volatile session Tuesday, with the Dow Jones industrials bouncing between gains and losses before surrendering in late afternoon and closing with their fourth straight loss.
Tech stocks suffered even sharper losses after AT&T and Lucent issued disappointing earnings reports. And financial stocks were battered by questions about bankers' possible role in the collapse of Enron. Citibank and J.P. Morgan were hit hard.
Some stocks, including Dow components, managed to hold gains for much of the session. But analysts said there are few incentives to do much buying. With confidence continually eroding due to corporate ethics scandals, most investors are unwilling to make many bets.
"We're searching for a bottom here," said Will Braman, chief investment officer of John Hancock Funds. "But sentiment is still bad, about as bad as it gets."
AT&T fell 72 cents to $8.80 on a $12.7 billion second-quarter loss due in part to a drop in the value of its cable TV business.
BONDS: U.S. Treasurys were mostly higher Tuesday on the back of the weakness across some sectors of the stock market as investors continued to move their holdings from stocks to bonds.
Market-watchers said Treasurys are rising with every dip in the stock market because investors have been moving en masse from stocks into bonds. In particular, the huge number of stock mutual fund redemptions and reallocation into bonds has caused money managers to buy Treasurys regardless of whether they find them to be overvalued.
Bond fund managers are finding it harder and harder to find safe places for the massive amount of cash they need to invest.
"There's not an awful lot out there. Issuance of new debt is very slow and many of the high-quality asset classes out there " said Marie Schofield, fund manager at Fleet Asset Management in Boston.
US SUMMARY: Wall Street Takes A Late, Steep Dive
DJIA 7702.34 loss 82.24 dn 1.1%
NASDAQ 1229.05 loss 53.60 dn 4.2%
S&P 500 797.70 loss 22.15 dn 2.7%
Dow Future 7658.00 loss 40.00 dn 0.5%
NASDAQ Future 903.00 loss 1.00 dn 0.1%
S&P Future 793.00 loss 3.80 dn 0.4%
10-Yr US Treasury: 4.42% up 7/32
NEW YORK (Dow Jones)--Wall Street succumbed to late selling Tuesday, with the Dow Jones industrial average ending down 82 points after being 110 points higher at one stage. The Nasdaq plunged to its lowest close since April 1997 on very heavy volume and the S&P 500 dived to a five-year low.
STOCKS: Wall Street staggered through another volatile session Tuesday, with the Dow Jones industrials bouncing between gains and losses before surrendering in late afternoon and closing with their fourth straight loss.
Tech stocks suffered even sharper losses after AT&T and Lucent issued disappointing earnings reports. And financial stocks were battered by questions about bankers' possible role in the collapse of Enron. Citibank and J.P. Morgan were hit hard.
Some stocks, including Dow components, managed to hold gains for much of the session. But analysts said there are few incentives to do much buying. With confidence continually eroding due to corporate ethics scandals, most investors are unwilling to make many bets.
"We're searching for a bottom here," said Will Braman, chief investment officer of John Hancock Funds. "But sentiment is still bad, about as bad as it gets."
AT&T fell 72 cents to $8.80 on a $12.7 billion second-quarter loss due in part to a drop in the value of its cable TV business.
BONDS: U.S. Treasurys were mostly higher Tuesday on the back of the weakness across some sectors of the stock market as investors continued to move their holdings from stocks to bonds.
Market-watchers said Treasurys are rising with every dip in the stock market because investors have been moving en masse from stocks into bonds. In particular, the huge number of stock mutual fund redemptions and reallocation into bonds has caused money managers to buy Treasurys regardless of whether they find them to be overvalued.
Bond fund managers are finding it harder and harder to find safe places for the massive amount of cash they need to invest.
"There's not an awful lot out there. Issuance of new debt is very slow and many of the high-quality asset classes out there " said Marie Schofield, fund manager at Fleet Asset Management in Boston.