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Stocks Struggle as Worries Return
Thursday, October 25, 2001
(11:41 AM ET)
By Elizabeth Lazarowitz / Reuters

In the latest economic news, the Labor Department reported U.S. jobless claims jumped to 504,000 in the week ended Oct. 20, from 496,000 in the prior week as the economy continued to feel the aftershocks of the Sept. 11 attacks.

NEW YORK -- Reuters
Stocks struggled up from the day's lows on Thursday after a fresh batch of data reminded investors the U.S. economy remains weak amid a stream of lackluster earnings.

"Some days the market can digest the disappointing corporate profit news." said David Sowerby, market strategist for Loomis Sayles. "Unfortunately, today is not one of those days."

The bad news added to lingering anxiety over bioterrorism, the potential for further attacks on American soil and U.S. military strikes in Afghanistan, factors that Wall Street has largely shrugged off in recent days.

"This market has been incredibly strong for the last week or two in the face of what I see as mostly bad news," said Uri Landesman, chief investment officer with AFA Management Partners LP. "The market has basically been bucking the trend ... and there's no underpinning for the rally.
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2001 © Reuters.

Dan