war in iraq


Global Uncertainty Sparks Sell-Off Before Weekend

January 24, 2003

Stocks collapsed, as investors distanced themselves from equities ahead of the coming weekend. Market watchers are awaiting the hotly anticipated report from Chief United Nations weapons inspector Hans Blix due out Monday and President Bush's State of the Union address on Tuesday in hopes of some indication regarding the possibility of war with Iraq. Technology and communication service shares led the market into negative territory. Treasury prices strengthened.

The Nasdaq Composite Index deflated 46.14 to 1342.13, while the Dow Jones Industrial Average surrendered 238.46 to 8131.01. The S&P 500 Index gave up 25.94 to 861.40. The 10-year Treasury note firmed 3/32, yielding 3.90%.

Gains in Raytheon limited losses in the defense industry. Raytheon, which is under SEC investigation for accounting practices at its
aircraft unit, posted a fourth-quarter profit before one-time items of $0.38 per share, up from $0.17 per share one year ago. The company's earnings from continuing operations, before items, totaled $0.64 a share. The Street estimated earnings of $0.65 per share, in a range of $0.60 to $0.68. Raytheon also raised its earnings forecast for 2003.

Source: Thomson Financial Corporate Group


war in iraq