14 June 2001, 10:01 US Equities Review: Lower; Tech stocks fall on profit worries
New York, June 13 (BridgeNews) - U.S. stocks ended lower Wednesday as
investors focused on some negative analyst calls, another round of earnings
warnings and data showing that the economy remains very weak.
The Nasdaq ended down 48.29, or 2.23%, to 2121.66. The Dow Jones industrial
average was down 76.76, or 0.70%, to 10,871.62. The S&P 500 was up 14.25, or
1.13%, to 1241.60.
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"The hesitancy we're seeing reflects the growing fear that the economic
recovery keeps drifting out of reach," said John Forelli, portfolio manager at
Independence Investment. "The Fed turned the spigot wide open so you have to
believe things will get better. It's just hard to see it right now. The
short-term outlook remains the same: very weak."
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