Features

Stocks fall on profit-taking

By Hope Yen The Associated Press
Tuesday October 29, 2002

NEW YORK — Wall Street pulled back Monday, its second decline in three sessions, as investors succumbed to profit-taking in the absence of significant earnings news. 

The main indexes fluctuated between advances and losses for much of the day as investors gauged whether the market could build on three weeks of strong gains. Traders also were hesitant to commit to stocks while they awaited key economic reports due out later in the week. 

“The market is apparently taking a little bit of a breather here,” said Charles G. Crane, strategist for Victory SBSF Capital Management. “There were no particularly important economic statistics released today. We got through the bulk of the earnings season. 

“So I think investors came into work today thinking what might happen with the elections next week and what has happened with the market the last three weeks,” he said. 

The Dow Jones industrial average fell 75.95, or 0.9 percent, to close at 8,368.04, having gained 1.5 percent last week. Earlier in the day, the blue chips were up as much as 87 points.