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Dow, Nasdaq Slip in Early Trading

July 12, 2002

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NEW YORK (AP) _ Stock prices started higher then quickly dropped on Wall Street.

The Dow Jones industrial average climbed 39 points then slipped to down 109.73 to 8,691.80.

The Nasdaq Composite Index is up up 3.10 points 1,377.53 and the Standard & Poor’s 500 Stock Index has dropped 7.72 points to 919.65.

Wall Street had expected helping hand today in the form of corporate earnings news.

Dell has raised its estimates for quarterly earnings while GE posted as-expected results and reaffirmed guidance for the rest of the year.

On the down side, retailers Lowe’s and Home Depot both have seen their stocks downgraded by brokerages this morning.

A government report shows retail sales recovered strongly in June after a decline in May.

The Dow, with a loss today, would record its fifth straight decline, falling 577.97 over past four sessions.

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