September 15, 2002	Sunday	Rajab 7, 1423

NEW YORK, Sept 14: Wall Street looks for ways to regain its lost momentum after a solemn week of remembrance of the September 11, attacks marked by failed rally attempts that left the major indices lower.

The Dow Jones industrials average fell 1.36 per cent in the week to Friday to 8,312.69.

The tech-heavy Nasdaq fell 0.30 per cent to 1,291.40 while the broader Standard and Poor’s 500 index fell 0.46 per cent to 889.81.

Ralph Acampora of Prudential Securities said Wall Street has fallen into a rut after failing to sustain upward momentum generated in August, and that the lows hit in late July might not end up being the “bottom” after a long slide.

It appears that the post-Labor Day rally in the major indices has run out of steam, he said.

Market commentators said they will be paying close attention to the industrial production report for August, and the July trade data because it will give them some clearer insights into how third quarter GDP is shaping up.

Cripps said he believes that the US economy will pull itself up as it has in the past.

Among active shares, Dow component Honeywell led blue chips lower, tumbling 22.47 per cent for the week to $23.56 after sharply cutting its earnings outlook.

Telecom group Lucent, which also warned of weak earnings, saw its stock punished as well, down 28.81 points to 1.26.

Elsewhere, IBM shed 0.96 per cent to 72.50 and AOL Time Warner, warning about weak Internet revenues, dipped 1.83 per cent to 12.89.

Software group Oracle bucked the trend, gaining 1.04 per cent to 9.73 ahead of its earnings report.

Industrial conglomerate Tyco jumped 11.42 per cent to 16.88 as it continued its management shakeup while Ford Motor Co. added 4.41 per cent to 10.65.

Bonds rallied on the move out of equities, as the yield on the 10-year Treasury bond dropped to 3.966 per cent from 4.017 per cent a week earlier and on the 30-year bond to 4.818 per cent against 4.858 per cent. Bond yields and prices move in opposite directions. —AFP