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Dow dips below 10,000

Thursday, July 22, 2004 | 11:04 a.m.

NEW YORK -- Stocks slumped in sluggish trading today, with the Dow Jones industrials falling below 10,000 as a disappointing report from the Conference Board showed slowing economic momentum.

Many companies have reported strong earnings for the second quarter, but investors have focused instead on lower forecasts.

In early afternoon trading, the Dow Jones industrial average shed 36.96, or 0.4 percent, to 10,009.17. It had fallen to as low as 9,946.88 earlier in the day. The Dow last closed below 10,000 on May 24.

The broader gauges were also lower. The Nasdaq composite index was down 5.10, or 0.3 percent, at 1,869.27. The Standard & Poor's 500 index fell 2.60, or 0.2 percent, to 1,091.28.

A closely watched gauge of future economic activity declined last month for the first time since March 2003, falling short of analysts' expectations. The Conference Board said its Composite Index of Leading Economic Indicators dropped 0.2 percent in June, to 116.2, following three months of gains.

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