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CNN LIVE TODAY
Stock Market Update
Aired October 5, 2001 - 13:23 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JUDY WOODRUFF, CNN ANCHOR: Some bad news about the job numbers, unemployment numbers, and a spade of warnings from certain technology companies has dealt a little bit of a blow to the stock market today.
For the latest, let's go to Christine Romans. Christine?
CHRISTINE ROMANS, CNNfn CORRESPONDENT: Hi there, Judy, you're right. Stocks are off their lows of the session, but they're still showing some broad declines.
Warning from several technology companies sparking today's selling, along with jitters about the latest job's report showed severe weakness in the labor market, even before the terrorist attacks. Many fear October's report will be even worse, as it should reflect the joblessness after September 11th.
The jobless rate held study though last month, at 4.9 percent. But some economists think it could jump to 5 and 1/2 percent in October.
Also hurting sentiments, Sun Microsystems, Gateway Computer and Advanced Micro Devices all predict wider than expected losses. The Nasdaq Composite, home of many technology stocks, is trading lower and is threatening to break a 3-day winning streak.
Sun, which trades on the Nasdaq is down 22 cents. Sun also says it's going to cut its workforce by 9 percent, that's about 4,000 jobs.
Dow Jones Industrial Average also leaning lower here. But it had been off more than 100 points earlier.
Oil prices are heading higher in New York trading. Investors are apparently jittery ahead of the weekend, covering their positions in case of a possible military strike against Afghanistan, and possible action by OPEC to cut production. Light sweet crude is adding 39 cents, at $23.02 a barrel.
A restaurant chain hopes to raise a million dollars for victims of the terrorist attack. The Darden Company says it will donate profits from next Thursday's business to the American Red Cross Disaster Relief Fund. That's October 11th, one month after the tragedy. Darden runs more than 1,000 restaurants throughout the U.S., including the Red Lobster and Olive Garden chains.
That's the latest from Wall Street. Aaron, back to you here in New York.
BROWN: Thank you, Christine. Appreciate it.
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