Stock prices fell again today as investors remain mired in worries about how long and how much the slumping economy will suffer from the terrorists attacks.
At 1 p.m., the Dow Jones industrial average was down 63.03 at 8,504.36. The broader market was also lower as the Nasdaq composite index fell 41.58 to 1,422.46, and the Standard & Poor's 500 index declined 6.08 to 1,000.96.
The market's losses come as many on Wall Street remain reluctant to make big commitments until it becomes clearer how and when the United States will retaliate for the Sept. 11 assaults on the World Trade Center and Pentagon.
Trading volume was light, however, which analysts attributed partly to some traders being off for the Jewish holiday of Yom Kippur.
The market's moderate losses were spread across an array of sectors, a sign that investors believe most industries and the overall economy will suffer from the attacks.
Delta Air Lines, which announced it was laying off 13,000 employees, or 15 percent of its work force, fell 55 cents to $24.31.
Boeing fell $1.98 to $32.31, IBM declined $2.15 to $89.15, and 3M was down $1.47 at $91.91.
Sonus Networks slumped $3.91, or 61 percent, to $2.49. The Massachusetts-based phone-equipment maker said it will report a loss, excluding certain costs, for the third quarter and full year as customers reduced their orders. It sells gear to companies such as Qwest Communications International Inc. and BellSouth Corp.
Cisco, the largest maker of equipment for communications and computer networks, and the most active stock, fell 88 cents, or 7 percent, to $11.35. Ciena Corp., a maker of fiber optic networking equipment, dropped 69 cents to $9.61. JDS Uniphase Corp., which makes components for fiber optic networks, lost 30 cents to $5.99.
Phone companies are buying fewer networking products this year as they pare costs. The slowdown has forced equipment suppliers, including Sonus and its bigger rivals, to slash earnings and sales forecasts, write down assets and shed jobs.
Morgan Stanley said Cisco's business in the U.S. and Europe is returning to normal levels after a "hiatus" of almost two weeks. Still, Morgan Stanley reduced its 2002 profit estimates for Cisco by 21 percent and cut its revenue forecast by 6.5 percent.
Morgan Stanley also cut profit forecasts for this year and next for Brocade, which plunged $2.07, or 13 percent, to $13.62 and has lost a third of its value in three sessions.
Franklin Resources fell $1.61 to $32.65 after the mutual fund company said earnings this quarter will be below analyst forecasts. The San Mateo, Calif., company cited a decline in assets under management and costs from the destruction of its Fiduciary Trust Co. International headquarters at the World Trade Center. Franklin shares have fallen 16 percent since the attack.
Orion Power Holdings rose $6.01 to $25.21, or 31 percent. The power-plant developer agreed to sell itself to Reliant Resources, the power generation and trading arm of Reliant Energy.
Reliant Resources will pay $26.80 in cash for each Orion share.
Speedway Motorsports dropped $1.53 to $18.85 after the racetrack operator said it expects to lose money in the third quarter because of rescheduled or canceled events.