12 March 2001, 10:16 U.S. stock market
A defensive mentality is setting in the U.S. stock market after a
new warning from Intel and a surprisingly strong jobs report have raised
the risk that neither growth nor interest rates will move in the
market's favor. "The market is developing a split personality. New money
is flowing into old economy stocks and not technology stocks," said Tom
Schrader, head of listed stock trading at Legg Mason. Friday the Dow
industrials fell 2.49%, to 10,644.62, and the Nasdaq plunged 5.35%, to
2,052.78.
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