Market In Review May 25 2001 Brief Change
Market snapshot for May 25 2001 shows a price of 11 005 37 per change from prior session cited as 1 05 units. Analysts note volatility and sector shifts affecting equities and bonds.
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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
May 26, 2001
Page
5
Market snapshot for May 25 2001 shows a price of 11 005 37 per change from prior session cited as 1 05 units. Analysts note volatility and sector shifts affecting equities and bonds.
House and Senate negotiators sealed a 1.35 trillion tax cut deal offering individuals a 300 refund and married couples 600. The plan lowers top rate from 39.6 to 35 percent, adds 10 percent bottom rate for first 6 000 of single income and 12 000 for couples, with six year phase in and first payment this July. Refunds mailed mid summer.
New York stocks fell as pessimistic economic news and Greenspan warnings spooked investors. The Dow slipped 117.05 to 11,005.37, the Nasdaq fell 30.99, and the S P 500 dropped 15.28, while weekly totals showed losses despite a slight Nasdaq weekly gain. GDP for Q1 grew 1.3 percent, below prior estimates, dampening hopes for a quick rebound.
Weirton, WV AP Steel leaders from West Virginia, Pennsylvania and Ohio demand stronger action from the Bush administration on foreign steel imports. They plan a June 6 Washington rally for the Steel Revitalization Act as Weirton Steel reports a first quarter loss amid rising plant closures and bankruptcies in the sector.
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