Recent Slide in Stock Steepens, With Dow Falling 160
By ALEX BERENSON
NY Times Business Section
Published: March 11, 2004
Shares continued their recent slide yesterday as investors seemed increasingly worried about weakness in the economy and the prospects for growth in profits.
This week's drop has wiped out the year's gains for the Nasdaq composite index and the Dow Jones industrial average, though the Standard & Poor's 500-stock index is still up slightly for the year. But several big investors said that stocks, while no longer cheap, were still reasonably valued and that the possibility of a steep pullback appeared slight.
No single news event accounted for yesterday's slide, economists and professional money managers said. But investors appear concerned that the economy's growth over the last year has come mainly as a result of short-term stimulus from the federal government and Federal Reserve, not because of increased corporate investment or sustainable increases in consumer spending.
posted by Richard at
Thursday, March 11, 2004
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