Stocks Mostly Lower; Hartford Up On Annuity News
The Dow Jones industrial average was down 45 points at 13,125 in the first two hours of trading, giving up an earlier gain of 20. The Standard & Poor's 500 index was down three points to 1,402, and the Nasdaq composite was down less than a point at 3,073.
The declines were broad. Only three of the 10 industry groups in the
Hartford Financial jumped 4.3 percent after the company said it would get out of the annuity business and focus on property and casualty insurance, group benefits and mutual funds. Hedge fund manager
The yield on the 10-year Treasury note fell to 2.32 percent from 2.36 percent late Tuesday. The dollar fell against the euro. Gold and crude oil prices rose slightly.
Stocks closed lower on Tuesday for only the second time in two weeks after two reports suggested an economic slowdown in
The Dow is still up 1.6 percent this month and 7.7 percent so far this year. Other indexes are up even more in the year to date: The
In a research report Wednesday, Goldman Sachs analysts urged investors to dump bonds and put money into stocks. The report argues that the weak economic growth in
It also argues that, while
"We think it's time to say a `long goodbye' to bonds, and embrace the `long good buy' for equities as we expect them to embark on an upward trend over the next few years," the report says.
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