Profit-taking pulls market lower on Monday
New York stock markets eased after a Monday session of profit taking despite strong bank and brokerage earnings. The Dow fell to 11,187.7, the S&P 500 to 1,407.65, and the Nasdaq to 2,830.29, with investors hoping to lock in gains even as Citigroup and Morgan Stanley posted solid results. Airline shares rose on Continental and Delta gains, while IBM and Microsoft beat expectations but trimmed gains amid a cautious market. Lucent dropped as Carleton Fiorina prepared to leave for Hewlett Packard, affecting tech sentiment.
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Market Recap Ahead of Greenspan Testimony
Auto service opens earnings reports dominate the market this week as analysts await Federal Reserve Chair Alan Greenspan's Thursday testimony to the House Banking Committee. Inflation signals keep Fed rate hikes possible, professionals warn the recent rally could fade. NYSE declines outpaced advances 13 to 9, volume 640.42 million shares. NYSE composite drops to 658.57, AMEX 817.66. Russell 2000 sinks to 461.37. Japan's Nikkei up 1.56 percent. Europe mixed with FTSE 100 down 1.2, CAC-40 off 0.8, DAX up 0.1.
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Soybean and grain futures rise on heat and drought
Chicago futures gain as hot dry weather threatens Midwest crops with evaporating soil moisture. Wheat September up 2 cents to 2.45, corn 4 cents to 1.91, oats steady at 1.06, August soybeans 6 cents to 4.23. Livestock mixed with live cattle up 40 to 64.10, feeder cattle down 25 to 76.62, lean hogs up .05 to 46.80, pork bellies down 90 to 44.05.
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