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"We had a huge April and the rocket can only go so high..."  .....
PDQ - Mon, May 5, 2003 - 04:44 PM
S&P 500, Dow Drop as Verizon Leads Phone, Cable Shares Lower
By Justin Baer
New York, May 5 (Bloomberg) -- The Standard & Poor's 500 Index and Dow Jones Industrial Average fell as cable-television and telephone stocks slid in response to Verizon Communications Inc.'s price cut for high-speed Internet service.
Verizon's move fueled concern among investors about whether U.S. companies will be able to sustain their first-quarter profit growth, which enabled both benchmarks to end last week at the highest levels since January.
The S&P 500 shed 3.53, or 0.4 percent, to 926.55 after climbing as much as 16 percent since March 11. The Dow average lost 51.11, or 0.6 percent, to 8531.57.
``We had a huge April and the rocket can only go so high,'' said Kurt Brunner, who helps manage $1.3 billion at Swarthmore Group Inc. ``The earnings season was OK, but companies are still being a little cautious in the outlook.''
Continues at http://quote.bloomberg.com/apps/news?pid=10000103&sid=aiohJTzRx0eo&refer=us
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"We had a huge April and the rocket can only go so high..." .....PDQ - Mon, May 5, 2003 - 04:44 PM
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"Between the market wanting to continue rallying because we had a lot of momentum, and the fact that it wants to consolidate a bit"? 