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6/28/2004
05:06 PM
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A Decent Market Rally Hits A Wall

Traders eventually realized that the Fed is still going to raise interest rates and the economy still has weak spots.

An across-the-board rally attributed to optimism about Iraqi sovereignty petered out Monday after economic (and maybe political) realities intruded. Traders eventually realized that the Fed is still going to raise interest rates and the economy still has weak spots (such as auto sales for GM).

At the close, techs were down the most. Our InformationWeek 100 index fell 0.5%, or 1.47 points, to rest at 320.11, and the Nasdaq fell 0.3%, or 5.65 points, to 2,019.82. The Dow fell 0.1%, or 14.75 points, to 10,357.09. Holding up best was the S&P 500, which fell 0.08%, or 0.91 of a point, to 1,133.52.

The Nasdaq-100 tracking stock fell 0.8%, or 31 cents, to $37.02, on middling volume of 94 million shares.

See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.

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