- The Washington Times - Thursday, February 7, 2002

NEW YORK (AP) Wall Street waded through another disappointing session yesterday, dropping for the fourth straight day as investors looked in vain for firm indications that business is improving and corporate accounting can be trusted.
Stocks drifted lower on news that federal regulators were looking into Calpine Corp.'s bookkeeping. The market's mood also was gloomy because of lingering uncertainty about the timing and robustness of a recovery.
The Dow Jones Industrial Average closed down 32.04, or 0.3 percent, at 9,653.39 for a total loss of 266 points since Friday.
The technology-focused Nasdaq Composite Index's drop was more significant. It fell 25.81, or 1.4 percent, to 1,812.71, while the Standard & Poor's 500 Index slipped 6.51, or 0.6 percent, to 1,083.51.
Wall Street spent much of the session waiting for quarterly results from Cisco Systems. After the market closed, the company reported higher-than-expected profits and sales for its fiscal second quarter. The stock rose 77 cents to $19.38 in extended trading, building on an 11-cent gain during the day.
But analysts downplayed the importance of Cisco's results, saying investors have become extremely risk wary.
"I think the market will care to a degree what Cisco says, but people have had such huge losses in tech stocks that they really don't trust a lot of things that these companies say," said Larry Rice, chief investment officer at Fahnestock & Co.


Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide