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Markets May Be Affected by Lingering Concerns

October 30, 2000|Reuters

U.S. stocks are unlikely to climb sharply this week because of lingering concerns about growth prospects for technology companies, and uncertainty about the outcome of the imminent presidential and congressional elections. Compounding investor nervousness about technology stocks are broader fears not only about the results of next week's elections but the slowing economy, the high price of oil and ongoing tensions in the Middle East. The fear is that one or all of these factors could eat into U.S. corporate profits. Earnings reporting period is drawing to a close, with the majority of S&P 500 companies having already released quarterly results. Still, the potential for surprises remains. Closely watched this week will be results and forecasts from companies in the troubled telecommunications sector, Verizon Communications and Qualcomm Inc.

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