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發表於 2007-3-1 23:43:32
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Dow Down 80 After Falling Another 209
Dow Industrials Plunge Another 200 but Gain Most of It Back
Wall Street tried to stage a comeback Thursday, with the Dow Jones industrials erasing much of an earlier 209-point drop after a stronger-than-expected reading of the Institute for Supply Management's assessment of manufacturing activity in February. In the first hour of trading, the Dow Jones industrial average was down 80.59, or 0.66 percent, at 12,188.04.
Broader stock indicators also fell. The Standard & Poor's 500 index was down 8.43, or 0.60 percent, at 1,398.39, and the Nasdaq composite index was down 22.11, or 0.92 percent, at 2,394.04.
Investors showed their relief about manufacturing by buying some of the stocks that were pummeled in Tuesday's drop that sliced 416 points off the Dow. Fears about the U.S. economy contributed to that plunge, and a halfhearted rebound on Wednesday followed soothing words from Federal Reserve Chairman Ben Bernanke.
The ISM figure of 52.3 was stronger than the 50.0 reading analysts had been expecting. The index is an important measure of a part of the economy that has given investors headaches in recent months. Manufacturing has struggled and at times given off signals that a recession might be in the offing. A reading at 50 and above indicates expansion, while anything below 50 signals contraction.
Investors seemed less interested in a report that U.S. construction spending fell sharply and more than expected last month. However, spending for previous months were revised higher.
Bond prices rose as stocks fell, with the yield on the benchmark 10-year Treasury note falling to 4.53 percent from 4.57 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices fell.
Declining issues outnumbered advancers by more than 3 to 1 on the New York Stock Exchange, where volume came to 502.9 million shares.
The Russell 2000 index of smaller companies was down 9.42, or 1.06 percent, at 784.88. |
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