Stocks Give Back Some Gains
NEW YORK (AP) _ Stock prices have opened lower. The Dow Jones industrial average is down 32 points in today’s early going. Losing issues on the New York Stock Exchange hold a narrow lead over gainers.
The Nasdaq composite index is off 58 points and the Standard & Poor’s 500 stock index is down 8 points.
Traditional wisdom says that stocks sell off in October, then recover in November.
But with sharp gains yesterday _ and, in fact, over the past three days for the Dow _ the market is coming under some pressure today.
One area of concern is the financial services sector. Goldman Sachs has lowered its earnings estimates for several big brokerage houses.
Meantime, WorldCom today announced its much-anticipated corporate realignment. But it also warned about revenue weakness.
On the economic calendar, reports are due today on manufacturing activity and construction spending. And the Federal Reserve releases its Beige Book survey of regional economic activity.