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Shares in modest decline
Greenspan cautious on U.S. economy
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 10:54 AM ET Nov. 13, 2002
NEW YORK (CBS.MW) -- Stocks retained modest losses Wednesday as Alan Greenspan focused on risks to the U.S. economy that he believes justified last week's aggressive rate cut.
Testifying before the Joint Economic Committee, the Fed Chief said consumer spending has weakened and that business spending has shown few signs of any "appreciable vigor." See the full story.
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U.S. shares retreat as Greenspan sounds cautious
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The Fed head also said geopolitical risks have taken their toll on economic activity in recent months, causing the economy to hit its current soft spot.
On Tuesday, a slew of Fed speakers were mostly upbeat in their remarks on growth prospects, expressing optimism that the economy would rebound next year.
The Federal Reserve sliced the overnight fed funds target a week ago by a startling one-half point to stave off risks related to geopolitical events and to get the economy through the current rough patch.
On the sector front, chip and networking stocks led declines in the tech sector while broader market losses showed up in the financial, biotech and airline sectors. Buyers nibbled on defense, oil service and utility issues. Check market stats and latest sector performance.
The Dow Jones Industrial Average ($INDU: news, chart, profile) retreated 38 points, or 0.5 percent, to 8,347.
The Nasdaq Composite ($COMPQ: news, chart, profile) stumbled 6 points, or 0.5 percent, to 1,342 and the Nasdaq 100 Index ($NDX: news, chart, profile) forfeited 7 points, or 0.7 percent, to 994.
The Standard & Poor's 500 Index ($SPX: news, chart, profile) fumbled 0.7 percent while the Russell 2000 Index ($RUT: news, chart, profile) of small-capitalization stocks eased 0.6 percent.
Volume totaled 338 million on the NYSE and 495 million on the Nasdaq Stock Market. Decliners squashed advancers by 18 to 10 on the NYSE and by 17 to 10 on the Nasdaq.
mfg ath
Greenspan cautious on U.S. economy
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 10:54 AM ET Nov. 13, 2002
NEW YORK (CBS.MW) -- Stocks retained modest losses Wednesday as Alan Greenspan focused on risks to the U.S. economy that he believes justified last week's aggressive rate cut.
Testifying before the Joint Economic Committee, the Fed Chief said consumer spending has weakened and that business spending has shown few signs of any "appreciable vigor." See the full story.
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INFORMATION FOR $INDU:
Create an alert for $INDU
Add $INDU to my portfolio
More cool charts on $INDU
Discuss $INDU
NEWS FOR $INDU
U.S. shares retreat as Greenspan sounds cautious
Philip Morris chokes up on warning
Tech rally sustains Nasdaq; Dow squeaks out gain
More news for $INDU
Quote & News Charts Financials Analysts Options SEC Filings
TRACK THESE TOPICS
My Portfolio Alerts
Index: Dow Jones Industrial Average Add
Create
Column: Market Snapshot
Create
Index: Nasdaq Composite Index Add
Create
Index: CBOE Nasdaq 100 Index Add
Create
Index: S&P 500 Index Add
Create
Create A Portfolio | Create An Alert
The Fed head also said geopolitical risks have taken their toll on economic activity in recent months, causing the economy to hit its current soft spot.
On Tuesday, a slew of Fed speakers were mostly upbeat in their remarks on growth prospects, expressing optimism that the economy would rebound next year.
The Federal Reserve sliced the overnight fed funds target a week ago by a startling one-half point to stave off risks related to geopolitical events and to get the economy through the current rough patch.
On the sector front, chip and networking stocks led declines in the tech sector while broader market losses showed up in the financial, biotech and airline sectors. Buyers nibbled on defense, oil service and utility issues. Check market stats and latest sector performance.
The Dow Jones Industrial Average ($INDU: news, chart, profile) retreated 38 points, or 0.5 percent, to 8,347.
The Nasdaq Composite ($COMPQ: news, chart, profile) stumbled 6 points, or 0.5 percent, to 1,342 and the Nasdaq 100 Index ($NDX: news, chart, profile) forfeited 7 points, or 0.7 percent, to 994.
The Standard & Poor's 500 Index ($SPX: news, chart, profile) fumbled 0.7 percent while the Russell 2000 Index ($RUT: news, chart, profile) of small-capitalization stocks eased 0.6 percent.
Volume totaled 338 million on the NYSE and 495 million on the Nasdaq Stock Market. Decliners squashed advancers by 18 to 10 on the NYSE and by 17 to 10 on the Nasdaq.
mfg ath
