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作者：Anonymous 在 罕见奇谈 发贴, 来自 http://www.hjclub.org
Reuters
U.S. stocks fall more than 3 percent on war doubts
Monday March 24, 11:13 am ET
By Haitham Haddadin
(Updates to mid-morning)
NEW YORK, March 24 (Reuters) - Stocks sank more than 3 percent by mid-morning on Monday, ending the previous week's big rally as grim television footage from Iraq reminded investors that the U.S.-led war to topple Saddam Hussein would not be easy.
"Monday marks a time for market reassessment of the situation in Iraq and with weekend news events getting time to sink in," said John Simon, futures analyst at TradeSignals.com. "The outlook for the war is getting murkier by the hour and prices are declining as a result."
Over the weekend, U.S.-led forces suffered their heaviest casualties so far, with stiff resistance from Iraqi soldiers at several towns as the push toward Baghdad continued.
Iraqi television footage of American prisoners of war gave pause to investors whose bets on a lightning-fast U.S. victory had sent the blue-chip Dow to a hefty 13 percent rise in an eight-day rally.
"The war is not a cakewalk and this will sober up some of the traders betting on a quick recovery," Alan Ackerman, market strategist at Fahnestock & Co., said. "The fighting on the ground could be very nasty and could be unpredictable and could take longer than many expected."
The tech-laced Nasdaq Composite Index (NasdaqSC:^IXIC - News) sank 43.55 points, or 3.06 percent, to 1,378.29. Also adding to losses, the blue-chip Dow Jones industrials (CBOT:^DJI - News) fell 264.08 points, or 3.10 percent, to 8,257.89 and the broad Standard and Poor's 500 index (^GSPC - News) lost 27.46 points, or 3.07 percent, at 868.44.
On Friday, the Dow jumped 235 points, or 2.84 percent, the S&P rose 2.29 percent and Nasdaq added 1.31 percent. The Dow had its best week in more than 20 years, as investors found hope for a swift end to the Iraq war in a firestorm of missiles and bombs raining on Baghdad.
No economic reports were slated for release on Monday, leaving investors focus on the Middle East battle zone.
President Saddam Hussein on Monday defiantly hailed tough Iraqi resistance against the five-day-old U.S. and British onslaught to get rid of him. More bombs shook Baghdad before and after the Iraqi leader's tribute to Iraqi fighters who have slowed the forces trying to sweep north to the capital.
Shortly after he spoke, Iraq said it had shot down two U.S. Apache helicopters. A U.S. official confirmed one had been lost.
ALTRIA DOWN
Among individual issues, Dow stock Altria Group (NYSE:MO - News) sank $1.94 to $33.10, or 5.5 percent. The decline came after an Illinois judge ruled Altria unit Philip Morris USA was liable in deceiving smokers into thinking "light" cigarettes were safer than regular cigarettes and ordered the top U.S. tobacco company to pay $10.1 billion in damages.
The sharp decline in Altria dented other stocks in the same sector, and sent the S&P Tobacco index (^GSPTOBA - News) tumbling more than 5 percent. UST Inc. (NYSE:UST - News) lost $1.01 to $27.90 and RJR Tobacco Holdings (NYSE:RJR - News) fell $1.79 to $34.71.
Wal-Mart Stores Inc. (NYSE:WMT - News) fell $1.62, or 3 percent, to $53.05, pressuring the Dow. Wal-Mart said it still expects to meet its forecast for March sales at stores open at least a year, despite the "CNN effect" last week when potential shoppers were glued to televisions to watch coverage of the war with Iraq.
Among other Dow stocks, International Business Machines Corp. (NYSE:IBM - News) fell $1.85 to $83.05 and General Electric (NYSE:GE - News), lost 92 cents to $27.08.
El Paso Corp. (NYSE:EP - News) fell 43 cents to $5.70, or 7 percent in active trade on the New York Stock Exchange (News - Websites). Standard & Poor's Ratings Services said late on Friday the outlook remains negative for the natural gas pipeline operator, which has about $18 billion of on-balance sheet debt.
Symantec Corp (NasdaqNM:SYMC - News) helped pressure the Nasdaq with a decline of 5.3 percent, or $2.26 to $40.30, after U.S. Bancorp Piper Jaffray cut its rating for the computer security and services provider. Symantec was downgraded to "underperform" from "market perform" because of slower-than-expected sales.
In the news, Airborne Inc. (NYSE:ABF - News), the third-largest U.S. express shipper, said it is in talks to sell its U.S. ground-delivery network to DHL Worldwide Express, a subsidiary of Germany's Deutsche Post (XETRA:DPWGn.DE - News). Shares of Airborne rose $1.00, or 6 percent, to $17.69. (With additional reporting by Doris Frankel)
作者：Anonymous 在 罕见奇谈 发贴, 来自 http://www.hjclub.org |
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