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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
Feb 08, 2002
Page
12
Stocks extended a five session losing streak on Thursday as investors avoided buying in a market clouded by uncertainty. The Nasdaq fell 30.60 to 1,782.11, the Dow slipped 27.95 to 9,625.44, and the S&P 500 decreased 3.34 to 1,080.17, marking notable yearly losses across indices.
Market totals show Dow Jones Industrial Average closing at 9 625 44 up 27 95 points amid declines in the S P 500 at 1 080 17 down 3 34 and Nasdaq Composite at 1 782 11 down 0 60. NYSE volume reached 1 431 779 332 with after hours 21 100 668 and total consolidated 1 759 982 230. Counts show 1 408 issues higher 1 698 lower and 223 unchanged.
Federal Reserve Board member Mark Olson warns that banks may use arrangements to mask true risk, arguing such moves violate accounting rules. He notes Enron and PNC as recent examples prompting scrutiny, and calls for clear GAAP-compliant reporting with Fed oversight to ensure factual public disclosure.
New York AP roundup lists Thursday close figures for a wide range of NYSE listed stocks. Notable values include IBM at 107.00, General Electric around 60.55, Microsoft near 27.45, Coca Cola about 22.59, ExxonMobil around 34.50, and Intel roughly 18.18, reflecting broad market activity with multiple changes in price.
Former Enron chief executive Jeffrey Skilling told the House Energy and Commerce subcommittee he believed the company was in good shape and that partnerships run by Andrew Fastow were not designed to conceal losses. He said he had no knowledge of deceptive transactions and could not recall key events under questioning as colleagues invoked Fifth Amendment rights. The hearing occurred amid a broader probe of Enron and accounting firm Arthur Andersen, with lawmakers labeling unnamed executives as economic terrorists and corporate thieves.
Chicago futures edged higher for soybeans but were subdued overall as traders awaited government data. Wheat held flat and corn and oats posted small gains amid weak export sales and forecasts of rain in drought-hit southern Brazil.
Eastern Cornbelt carcass prices fall by one dollar with 0.5 to 0.9 inch backfat ranges listed. Illinois direct hog purchases total 13,937 with steady to firm bids and moderate demand for light to moderately offered hogs. Boar prices span under 300 pounds to over 300 pounds.
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