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Stocks mixed on GDP report
Published in Saudi Press Agency on 18 - 10 - 2004


Wall Street ended an otherwise stellar
week with a mixed finish Friday after the government's
gross domestic product report renewed concerns that high
energy prices and a lack of jobs are holding back economic
growth.
Third-quarter GDP rose by 3.7 percent, according to the
Commerce Department, less than the 4.3 percent rise Wall
Street expected. However, the figure was stronger than the
3.3 percent growth in the second quarter.
«It's not bad in a historical context, but for us to
generate any meaningful job growth, we're going to have to
do better than that,» said Daniel Portanova, managing
director at Gartmore Separate Accounts in Irivington, New
York. «This isn't enough to really do much for the equity
markets.»
Soaring oil prices in the third quarter were partly to
blame for the slower-than-expected growth, analysts said.
As oil climbed through the $55 per barrel mark in October,
investors feared a further slowdown for the fourth quarter
as well. A barrel of light crude was quoted at $51.76, up
84 cents, on the New York Mercantile Exchange.
--More
0032 Local Time
2132 GMT


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