Wall Street tumbles on price concerns - Democratic Underground

RamboLiberal

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Wed Mar-10-04 07:25 PM
Original message

Wall Street tumbles on price concerns

http://www.msnbc.msn.com/id/3683270/

Stock indices tumbled Wednesday, with the Dow Jones industrial average and the Nasdaq Composite index sinking to new 2004 lows, as investors worried that stocks may be overvalued and mulled data showing a record trade deficit in January, which renewed concern about the sustainability of the economic recovery.

At the close of trading, the Dow industrial average was off 160.07 points, or 1.5 percent, at 10,296.89 — its lowest close since Dec. 19. Since Friday, the Dow index has dropped 2.8 percent and has fallen to a fresh low for all of 2004.

“ are playing it safe because of the economy,” said Hugh Johnson, chief investment officer at First Albany, noting that there has been a shift of funds from stocks to safe-haven bond investments.

Investors appeared reluctant to make major commitments amid uncertainty over high stock valuations, analysts said. They also said investors were trying to collect profits ahead of a correction — a pullback in stock prices in response to the nearly year-long market rally — but may have helped fuel the correction instead.

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alfredo

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Wed Mar-10-04 08:06 PM
Response to Original message

1. Has the Producer Price Index been released yet?

I heard it was delayed.

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Steven_S

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Wed Mar-10-04 08:10 PM
Response to Reply #1

2. Not yet...

http://www.bls.gov/ppi/delaynotice.htm

Maybe, but we'll see.

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alfredo

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Thu Mar-11-04 01:52 AM
Response to Reply #2

3. I guess fudging the numbers is taking longer

than expected.

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radfringe

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Thu Mar-11-04 05:20 AM
Response to Original message

4. “ are playing it safe because of the economy,” said Hugh Johnson

but but but but but....the economy is getting better according to "fuzzy-math-bush*"

ok, place your bets - how long before they blame clinton (again)?

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dbt

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Thu Mar-11-04 07:42 AM
Response to Reply #4

5. Pie-Hole Effect Again?

Didn't the Dow start tanking about the time bu$h opened his lizard lips in Ohio?

:evilgrin:
dbt

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radfringe

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Thu Mar-11-04 03:31 PM
Response to Reply #5

6. yep, I'd say it's the pie-hole effect

plus the news about record trade deficits...

like I keep saying - bush* has exceeded my expectations, he's done far worse than I ever expected...

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