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Investing March 29, 2001
Market Commentary – Noon
March 29, 2001 - Stocks struggled for direction in
moderate trading as money managers adjusted their portfolios
before the end of the first quarter amid uncertainty about
prospects for corporate earnings and the economy.
Reported by editors@plansponsor.com
The Dow rose 28.8 points to 9,814.16, surrendering part of its earlier gains. Five stocks rose for every four that fell on the New York Stock Exchange.
The Nasdaq, which dropped in early trading before rebounding, slipped again, falling 8.92 points to 1,845.21. Losers outnumbered winners by 17-14 in the composite index.
Alfred Kugel, chief investment strategist for Stein, Roe and Farnham, was optimistic about the future of the economy.
“All the numbers are coming in a little better than expected,” he said, referring to recent reports on consumer confidence, employment and auto sales. “I’m not saying they’re great, but they don’t suggest the economy is in some kind of a downward spiral, as some people had feared.”
Market Action | |
| S&P 500 | 1,153.47 +0.18 |
| NASDAQ Composite | 1,845.21 -8.92 |
| Dow Jones Industrial Average | 9,814.16 +28.8 |
| 10-Year Treasury Yield | 4.98% (previous close, 4.97%) |
| Dollar | Higher |
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