Wall Street Stocks End Sharply Lower

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Last updated at: (Beijing Time) Wednesday, August 28, 2002

Wall Street Stocks End Sharply Lower

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Wall Street stocks ended sharply lower Tuesday as the US consumer confidence index declined to the lowest level in nine months, with the Nasdaq composite plunging more than 3 percent on a negative third-quarter outlook from Intel.

The Dow Jones industrial average fell 94.60 points, or 1.06 percent, to 8,824.41, after rising 46.05 points Monday.

Broader stock indicators were down. The technology heavy Nasdaqcomposite index tumbled 43.96 points, or 3.15 percent, to 1,347.78.The Standard & Poor's 500 index dropped 13.13 points, or 1.38 percent, to 934.82.

The market fell into a negative territory after the Conference Board reported that the US consumer confidence index declined 4 percent in August to 93.5 points, its third straight monthly drop and the lowest level since November 2001. The index had fallen 8.9points in July and 4 points in June.

That bad news erased the early gains in blue chips due to an upbeat report on durable goods orders. The Commerce Department said that orders for costly manufactured durable goods surged 8.7 percent, the largest increase in nine months and far better than analysts' expectations.

Intel fell 95 cents to 17.18 dollars following the bearish remarks made by its chief executive Craig Barrett. According to reports, Barrett said he expects modest growth in third-quarter earnings as capital spending in the computing sector continues to lag.

Also in the technology sector, Cisco Systems lost 47 cents to 14.02 dollars, Sun Microsystems sank 16 cents to 4.24 dollars, Oracle slipped 42 cents to 10.15 dollars, Microsoft eased 1.26 dollars to 50.84 dollars, and Applied Materials skid 1.03 dollars to 13.93 dollars.

Among the blue chips, Citigroup was down 20 cents at 34.20 dollars, Morgan Stanley declined 89 cents to 44.07 dollars, Merrill Lynch was off 54 cents at 37.49 dollars, Wal-Mart edged down 28 cents to 53.12 dollars, but Boeing climbed 14 cents to 37.03 dollars and Whirlpool gained 72 cents to 57.38 dollars.

The NYSE index closed down 5.45 points at 504.16, the Russell 2000 index of smaller companies plunged 10.28 points to 397.45, but the American Stock Exchange index rose 1.33 points to 868.99.

Declining issues outnumbered advancers by a 3-to-2 margin on the New York Stock Exchange, with 1,297 up, 1,955 down and 155 unchanged.

NYSE trading volume increased to 1.24 billion shares from 1.00 billion in the previous session.

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