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American Morning

Dow Dips Below 10,000 Mark

Aired August 31, 2001 - 09:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: Let's go ahead and bring in our Peter Viles to look at what was another nasty day on Wall Street.

Peter, 10,000 mark, psychological, or actually very important to investors?

PETER VILES, CNN CORRESPONDENT: I think a little of both. It is a psychologically important barrier. I think probably the more important barriers are the ones that are a little bit lower, which are the April and March lows for the Dow and the Nasdaq. If we were to break below those, we could see another wave of selling, and I think news from the consumer over the next week will probably determine whether the market trades a little lower or finds some sort of solid base here at these levels, but we do get a lot of big consumer news next week, and that may sort of determine whether the market breaks lower or finds a little base here.

KAGAN: Peter, as if we needed more negative spin to put on the market, coming out of summer, which usually historically does have rallies associated with it, but if that was the good times, I hate to see what's going to happen come fall, which historically the bad times?

VILES: Yes, although we are in such a changing environment, that I don't know if those historical trends tell us all that much. In April and March, when the markets appeared to make those bottoms, what the markets were saying, and what investors were saying, we think the fall and the late summer, the economy is going to start to turn. Well, it's late summer, heading into the fall, the heading hasn't started to turn. So it's more I think being driven by, where is the economy right now? What are companies telling us about it? And less by the historical trends.

KAGAN: We will watch it. Peter Viles helping us to understand these numbers a little bit better.

Peter, thank you. Good to see you.

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