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Stocks Off on Inflation, Security Fears
NEW YORK (Reuters) March 18- U.S. stocks were lower on Thursday
as a security alert on a major European train service renewed concerns
of possible terrorist attacks, while a spike in oil prices summoned
thoughts of inflation.
International Business Machines Corp. (NYSE:IBM - news) and United
Technologies Corp. (NYSE:UTX - news) weighed on the Dow.
Authorities said an alert was declared on the Eurostar London-Paris
train line, causing a delay. But French police said an object found
on a stretch of rail determined to be not dangerous. The incident
recalled the bombings of commuter trains in Madrid a week ago that
killed more than 200.
In the latest batch of economic data to be released on Thursday,
the Philadelphia Federal Reserve (news - web sites) Bank said its
gauge of regional industry slid to 24.2 in March from 31.4 in February,
short of economists' forecasts for a dip to 30.0.
There was also few signs of any substantial burst in new hiring,
the report showed.
"The markets are very uncertain," said Ozan Akcin, chief
market strategist at Puglisi and Co. "Investors don't know
what to expect from the economic or the geopolitical situation."
The Dow Jones industrials (^DJI - news) were down 79.85 points,
or 0.78 percent, at 10,220.45. The Standard & Poor's 500 Index
(^SPX - news) was down 9.86 points, or 0.88 percent, at 1,113.89.
The technology-laced Nasdaq Composite Index (^IXIC - news) was down
27.22 points, or 1.38 percent, at 1,949.54.
The Eurostar incident sparked a slide in the U.S. dollar and also
triggered losses in Britain's FTSE 100 index (^FTSE - news).
On Wednesday, oil prices spiked to a 13-year high, signaling possible
inflation. Energy markets have eased a bit, but are still historically
high.
Crude oil futures in New York fell 33 cents to $37.85 a barrel after
closing on Wednesday at $38.18, its highest level in 13 years.
Microsoft, the world's largest software maker, suffered a blow when
the top European Union (news - web sites) regulator said the European
Commission (news - web sites) and the company failed to reach a
settlement of monopoly charges. Microsoft shares fell 50 cents to
$24.63 and were the biggest drag on the S&P 500.
Shares of IBM were down $1.37 at $92.02 and shares of United Technologies
were off 76 cents at $88.04. United Technologies elevator unit,
Otis, has been under a European probe for possible collusion.
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03-18-04
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Reports Offer Signs of Hope on Jobs Front
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U.S. 30-Year Mortgage Rates
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U.S. Leading Indicators Flat in February
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Wall Street Set for Cautious Start
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