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Stocks wilt as investors wait

By MEG RICHARDS
The Associated Press

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The Dow Jones industrial average declined 42.33 to 10,040.82.

Microsoft, one of the 30 Dow stocks, retreated 34 cents to close at $27.12 a share. Boeing, also a Dow stock, fell 49 cents to $50.25.

The broader gauges were also lower. The Nasdaq composite index fell 11.48 to 1,819.89. The Standard & Poor's 500 index was down 3.94 at 1,091.23.

Google, which set its final IPO price at $85 late Wednesday — far lower than previously forecast — began trading shortly before noon yesterday, and closed up $15.33 at $100.33.

Fears that the Olympics in Athens or the upcoming Republican convention in New York might be targets of terrorism have kept an unusual number of investors on the sidelines, and oil prices aren't helping, said Janna Sampson, director of portfolio management at Oakbrook Investments. "People are thinking there is just no good reason to take on this risk," Sampson said.

"I know I've got clients who are telling me they have money but they're waiting until after these things are over. And we don't often see institutional investors holding up for events."

In economic news, the number of Americans filing new claims for unemployment benefits fell for a third consecutive week, suggesting improvements in the labor market after a rough patch earlier this summer. But analysts pointed out that the figures do not include the impact of Hurricane Charley, which will be reflected in next week's data.

Separately, a measure of future economic activity fell in July for the second consecutive month, reinforcing other data that indicate the recovery is slowing. The decline in the Conference Board's Index of Leading Economic Indicators reflects growing concerns about rising costs for energy and food, as well as worries about future economic growth.

Copyright © 2004 The Seattle Times Company

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