RealNews

Dow Dips 56 on Fears of War, Terrorism

A bomb blast in the Philippines sent stocks lower Tuesday, as investors unloaded shares on renewed fears of terrorism and concerns about a war with Iraq. In afternoon trading, the Dow Jones industrial average was down 55.74, or 0.7 percent, at 7,782.12. The broader market also fell. The Nasdaq composite index lost 1.70, or 0.1 percent, to 1,318.59. The Standard & Poor’s 500 index dropped 4.38, or 0.5 percent, to 830.43. On Tuesday, a powerful bomb hidden in a backpack exploded at an airport in the southern Philippines, killing at least 19 people, including an American, and wounding more than 100. The government called it a “brazen act of terrorism.” No one claimed responsibility for the blast. The attack exacerbated an already tense mood on Wall Street. Analysts say investors have been unwilling to commit to stocks on fears of a possible war with Iraq that could threaten a fragile economic recovery. “It’s the war and terrorism and it’s overhanging the market,” said Barry Berman, head trader at Robert W. Baird & Co. in Milwaukee. “In order for the market to take a longer term trend to the upside, people are going to have to have a better sense of what the prospects are for stocks.” Full Story

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