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American Morning

Will Wall Street Continue its Slide?

Aired August 31, 2001 - 11:08   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: The opening bell rang on Wall Street just over a half hour ago. And nervous investors are wondering if yesterday's plunge -- day four of a plunge -- will continue its slide.

For the latest, let's check in with Financial News reporter Peter Viles -- Peter, how are things looking today?

PETER VILES, CNN CORRESPONDENT: Well, Daryn, about nine minutes ago, actually, some good news came into the stock market. Factory orders turned positive in July. They had been very negative in June. Inventories continue to fall.

When that news crossed the tape just at 10:00 sharp, the markets spiked higher. I'm looking now at a Dow that is up about 71 points. So we actually do have a little bit of good economic news this morning after some pretty bad news all week -- so perhaps a day of stability here, Friday, maybe even a little bit of gains in the market.

KAGAN: Very good. And, traditionally, Fridays have not been a good, day especially in those summer months. Isn't that right, Peter?

VILES: Yes. And it's very hard to gauge on a day like, when you have a long weekend coming up. You probably won't have as much volume in the market. That leaves he market vulnerable, in some senses, to fluctuations one way or another that we later will say were not that meaningful because not that many people traded.

But when you've got 71 points higher after a week that we've had, we would certainly take it at this point, Daryn.

KAGAN: After a 500 point loss for the week, we will take that, absolutely.

Peter Viles in New York -- Peter, thank you.

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