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1st mortgage pacific
Stocks fall on lower economic forecast
By Scott Malone NEW YORK (Reuters) - U.S. blue chips fell on Friday as investors paused after a four-day rally and a private forecasting group released data showing a decline in the economy. The Economic Cycle Research Institute said its weekly leading index dipped to 133.1 last week, down from 134.3 the week before. The index measures factors including
mortgage applications and commodity prices, which were down for the week, as well as jobless claims, which moderated. The Dow Jones industrial average was down 38.28 points, or 0.36 percent, at 10,454.91. The Standard & Poor's 500 Index was down 3.78 points, or 0.32 percent, at 1,187.30. The technology-laced Nasdaq Composite Index was down 5.23 points, or 0.26 percent, at 2,037.35. Investors seemed to be consolidating positions after a week of gains, a portfolio manager said. "We have had a nice run here this week," said Ryan Crane, senior portfolio manager at Stephens Capital Management of Houston. He said the most likely factor to influence stocks would be Federal Reserve Board Chairman Alan Greenspan's 12:30 p.m.(1630 GMT) comments before the Economic Club of New York. Investors will focus on any comments Greenspan makes on U.S. inflation after the sharp gains in oil prices over the past year. "Since we're out of the bulk of earnings season, people have shifted their attention to more macro factors," Crane said. Shares of specialty retailers dropped after Prudential Equity Group downgraded American Eagle Outfitters Inc. (AEOS.O: Quote , Profile , Research ) , Abercrombie & Fitch Co. (ANF.N: Quote , Profile , Research ) and
pacific Sunwear of California Inc. (PSUN.O: Quote , Profile , Research ) to "underweight" from "neutral weight." American Eagle was off 6 percent to $25.97 in Nasdaq trading, Abercrombie was down 4 percent to $52.75 and
pacific Sunwear slipped 4 percent to $20.90. Shares of Gap Inc. (GPS.N: Quote , Profile , Research ) were also down after the retailer posted lower-than-expected profit. Gap traded down 2.5 percent at $21.19. In deal news, shares of America West Holdings Corp. (AWA.N: Quote , Profile , Research ) rose almost 8 percent at $5.18 on the New York Stock Exchange after the airline said it planned to team with a group of investors to buy bankrupt US Airways Group Inc. (UAIRQ.OB: Quote , Profile , Research ) The deal would create the sixth-largest U.S. airline. Continued ...
Source: reuters.com