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.

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 5001,153.47 +0.18
NASDAQ Composite1,845.21 -8.92
Dow Jones Industrial Average9,814.16 +28.8
10-Year Treasury Yield4.98% (previous close, 4.97%)

Copyright 2001, Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.  All rights reserved. For more information, see our Terms of Use .