Stocks fall as durable goods demand drops sharply
A larger than expected drop in durable goods orders fueled Wall Street concerns about the economy. The tech heavy Nasdaq fell 1.4 percent to 1,817.24, while the Dow slipped to 9,343.96 and the S&P 500 declined to 1,003.27. A separate report showed durable goods orders down 0.9 percent in August, widening worries about manufacturing as energy prices rise. Jobless claims fell to 381,009, aided partly by Hurricane Isabel disruptions. Analysts remained cautious ahead of upcoming third quarter earnings.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Brian Pears
Equity Uader
Victory Capital Management
Cleveland
Pears
Standard & Poor
OPEC
Organization of Petroleum Exporting Countries
Commerce Department
Dow Industrial Caterpillar Inc
Ford Motor Co
Labor Department
Wall Steel
Thomas F Lydon Je
Global Trends Investments
Newport Beach
Calif
OPEC Cuts Oil Output By 3.5 Percent
OPEC lowered its output ceiling by 900000 barrels per day to 24.5 million, starting in November, in a surprise move that sent crude futures up more than $1 and drew mixed reactions from analysts and members including Iraq. The decision aims to stabilize prices amid expected weak demand in early 2004.
MENTIONED IN THIS ARTICLE
Vienna
Austria
OPEC
Organization of Petroleum Exporting Countries
Claude Mandi
International Energy Agency
Mandil
Omar Ibrahim
Bijan ‘Namdar Zanganeh
War on terror hurts economy and boosts deficits
Two years into the war on terrorism, doubts rise that the conflict will be a brief economic drag. Security costs and military spending swell the federal deficit while consumer confidence varies. Analysts fear the 2000s may mirror a different era than the 1990s peace dividend.
MENTIONED IN THIS ARTICLE
Washington
America
Congress
Bush
Defense and Homeland Spending Hit Historic Highs
Terrorism related spending and defense bills have surged since the war on terrorism began, with $627 million in this year’s terrorism spending and roughly $87 billion for the Iraq occupation. Analysts warn elevated borrowing totaling about $1.39 trillion over the next decade will raise interest rates and hinder private investment while delivering near term relief from recession.
MENTIONED IN THIS ARTICLE
Iraq
Mark Zandi
Economy.com
Crude futures gain on OPEC cut signals and price shifts
Crude oil futures rose on the New York Mercantile Exchange after OPEC cut its output ceiling by 900,000 barrels per day effective November 1. Prices for light crude settled around 28.29 dollars a barrel with weaker gains in products as refiners face higher crude costs. Heating oil and gasoline futures showed modest moves while natural gas slipped.
MENTIONED IN THIS ARTICLE
Associated Press Photo
Mel Nuceiman
New York Stock Exchange
Eastman Kodak Co
New York
New Yor Mercantile Exchange
Organization of Petroleum Exporting Countries
OPEC
Iraq
London
International Petroleum Exchange
Steel
New York Harbor
Nymex
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Martin Crutsinger
The
Associated Press
Adu
Iquaces
Bureau of Economicalysis
Bureau of Labor Statistics
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Dew Industrals
Dew Transportatio
NYSE
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Allstata
PEP
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Yreger
Landnys NY
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Microsoft
Chewmiitex NY
PeraiSys
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Pizer
Consors
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Sobirth NY
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DuPont
NASA
DukeBoy NY
Soktia
SouthGo
Nash
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Smco
RY & Acy
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WalMart
IBM
Ras
Peter Sera
Aegis
Eptember
Tom Bentz
BNP Paribas
Dow Jones Energy Matters
David Bird
MuiCen Care
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Investment Professionals, Inc. TN. ‘i
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Edward Jones
Texas Brokerage
W. Baker Road
Texasbrokerage
Stephen V. Takach
Alexander
Ac Scain
SIPC
J Westay
Baytown Sun
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