Wall Street Stocks End Lower

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Last updated at: (Beijing Time) Saturday, March 23, 2002

Wall Street Stocks End Lower

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Wall Street stocks ended lower Friday, sending the Dow index falling in the week after gaining for the previous five weeks, amid investors' profit-taking selling as they were concerned about corporate earnings on disappointing news from McDonald's Corp. and Nike Inc.

The Dow Jones industrial average fell 52.17 points, or 0.50 percent, to 10,427.67 after declining 21.73 points on Thursday.

Broader stock indicators were down. The technology heavy Nasdaq composite index lost 17.44 points, or 0.93 percent, to 1,851.39. The Standard & Poor's 500 index was off 4.89 points, or 0.42 percent, at 1148.70.

The market was under the pressure of negative news from fast- food giant MaDonald's Corp. and athletic shoemaker Nike Inc. Investors were worried that corporate earnings in the first quarter would weigh on optimism about an economic recovery.

The Dow index dropped 179.56 points, or 1.7 percent, for the week, ending its five-week rising streak. The Nasdaq composite fell 0.9 percent and the Standard & Poor's index declined 1.5 percent during the week.

McDonald's lost 1.05 dollars, to 27.65 dollars after expecting its full-year earnings per share to be at the lower end of the range of 1.47-1.54 dollars previously announced. Nike sank 3.70 dollars to 59.50 dollars as analysts were disappointed its worldwide futures orders increased only 6 percent.

Travelers Property Casualty Corp. rose 1.06 dollars to 19.56 dollars in its first day of trade as a public company. Citigroup, parent of Travelers unit which raised 3.88 billion dollars from the U.S. biggest insurance IPO, grew 29 cents to 49.84 dollars.

In the technology sector, Intel fell 81 cents to 30.59 dollars, Oracle slipped 30 cents to 12.85 dollars, Lucent Technologies skid 20 cents to 4.59 dollars, but Cisco Systems climbed 8 cents to 16. 57 dollars, Palm jumped 3.86 dollars, or 22 percent, to 3.86 dollars.

The NYSE index closed down 1.73 points at 600.09, the American Stock Exchange index sank 5.42 points to 898.97, and the Russell 2000 index of smaller companies eased 3.05 points to 502.39.

Declining issues outnumbered advancers by a 4-to-3 margin on the New York Stock Exchange, with 1,332 up, 1,813 down and 185 unchanged.

NYSE trading volume decreased to 1.17 billion shares from 1.33 billion in the previous session.

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