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Articles: Stocks Open Lower on New Economic Data

Posted by admin on Thursday, June 17, 2004 - 07:17 AM

Stock prices are lower in early trading. The Dow Jones Industrial Average is down 18 points in today's early going. Losing issues on the New York Stock Exchange hold a 3-2 lead over advancers.
The Nasdaq Composite Index is off six points and the Standard & Poor's 500 Stock Index is down two points. Investors have a good chunk of economic data to chew over this morning. The Labor Department, in a report delayed by a week because of technical problems, says the Producer Price Index was up a larger-than-expected eight-tenths percent in May. The cost of food was a major factor in the increase, the sharpest in 14 months. The core rate, which strips out food and energy, was up three-tenths percent. Separately, the government said first-time claims for jobless benefits fell by 15,000 last week. However, that may have been due -- in part -- to office closings in 15 states during the mourning period for former President Reagan. Still to come this morning, the Conference Board's look at its Index of Leading Economic Indicators. The index, a gauge of future economic activity, has not fallen since March of last year and is expected to show another advance.

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