- The Washington Times - Wednesday, March 6, 2002

NEW YORK (AP) Wall Street retreated yesterday, sending the Dow Jones Industrial Average falling more than 150 points as investors cashed in their winnings from the market's spectacular two-session rally.
The technology-focused Nasdaq Composite Index proved steadier, its losses mitigated by optimism about earnings prospects at bellwether Intel. Analysts said the market's overall mood was cautious, but still showing signs of bullishness.
The Dow closed down 153.41, or 1.5 percent, at 10,433.41, giving back just less than a third of the 480 points gained during the previous two sessions.
Broader stock indicators were mixed. The Nasdaq advanced 6.97, or 0.4 percent, to 1,866.29, while the Standard & Poor's 500 Index fell 7.70, or 0.7 percent, to 1,146.14.
"This is just normal profit-taking after a fairly strong run in stocks," said Bill Barker, investment consultant at RBC Dain Rauscher.
Blue chips fell on losses in retailers including Wal-Mart, which fell $2.22 to $60.76. Home Depot slid $2.40 to $47.50, a 4.8 percent loss. The sector had been steadily moving higher on anticipation it would benefit when the economy stabilized.
Consumer goods companies also fell. Procter & Gamble lost $1.92 to $85.06.
Tech stocks were more mixed. Microsoft dropped 22 cents to $63.08. But Intel advanced 85 cents to $32.70 after Morgan Stanley upgraded the stock to "strong buy" from "outperform," citing the prospect for better computer sales.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

Please read our comment policy before commenting.


Click to Read More and View Comments

Click to Hide