Dow Down 29; Nasdaq Down 25
NEW YORK (AP)_ Stock prices were lower in early Wall Street trading. The Dow Jones Industrial Average was down 29 points. On the New York Stock Exchange, losers held about a seven-to-four advantage over gainers.
The Nasdaq Composite Index lost 25 points and the Standard-and-Poor’s 500 Stock Index was down five points.
A tame reading on inflation this morning wasn’t likely to change the outlook for another Federal Reserve interest rate cut next week.
Many economists expect the central rank to chop another quarter-point off short-term rates.
There was also a report this morning showing a solid increase in new-home construction last month.
Investors are additionally standing by for earnings news later today, with Dell Computer and Hewlett-Packard due to release quarterly results after the closing bell.