Wednesday, March 10, 2004

Slip Slidin' Away...
NEW YORK (Reuters) - Stocks fell sharply on Wednesday, canceling out the Dow Jones industrial average's gains for the year, as investors shunned equities after data showing a record U.S. trade deficit cast doubt on the soundness of the economic recovery.

The technology-heavy Nasdaq Composite Index lurched deeper into negative territory for the year, falling for the fourth session in a row. The index is down 60 percent from its all-time closing high of 5,048.62 on this day four years ago.

Some of the blue-chip Dow average's biggest percentage losers included Alcoa Inc., Caterpillar Inc., DuPont Co. and International Paper Co.

'The market is sensing this is not your father's typical business cycle. Job growth will still be muted and you can't have a self-sustaining robust economic recovery without job growth,' said Jeffrey Saut, chief investment strategist at Raymond James Financial in St. Petersburg, Florida. 'There's still overhang from last Friday's payrolls report.'[Nitpicker emphasis]
What, you don't think we've had job growth? Tumblin'.


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