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Stocks Open Lower on Wall Street

June 29, 2000

NEW YORK (AP) _ Stocks opened sharply lower Thursday as investors’ enthusiasm disappeared following the Federal Reserve’s announcement on interest rates.

Shortly after the start of trading on Wall Street, the Dow Jones industrial average was down 130.82 at 10,396.97.

Broader stock indicators were also lower. The Standard & Poor’s 500 index was down 12.98 at 1,441.84, and the Nasdaq composite index was down 130.82 at 10,396.97.

On Wednesday, the Fed left interest rates unchanged, but noted that inflation risks remain in the economy. The warning on inflation led many analysts to expect that the Fed will raise rates at its August meeting.

In the meantime, analysts said, the market may find excuses to remain stalled in a narrow range.

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