Jun 24, 2004 (01:06 PM EDT)
Morning Gains Melt Away

Read the Original Article at InformationWeek

Morning gains eroded by late afternoon Thursday as investors' enthusiasm waned in the face of multiple attacks overseas, weak sales of manufactured goods, and a lower forecast from AT&T to send stock markets lower.

The Dow Jones industrials fell 35.76, or 0.3% to 10443.81, while the S&P 500 fell 3.44, or 0/3%, to 1,140.65. The Nasdaq fell 5.41, or 0.3%, to 2,015.57, and the InformationWeek 100 was nearly unchanged, falling 0.10 to 319.08. The Nasdaq 100 tracking stock fell 7 cents to $37.05 as more than 92.3 million shares changed hands.

Microsoft rose 9 cents to $28.39 after Bank of America upgraded its rating on the software company, largely on speculation about what it will do with its huge reserve of cash.

AT&T fell $1.60 to $14.81 after the company cut its revenue forecast for the year to a point below its own expectations and that of Wall Street--largely due to a regulatory decision that forced it to pull service from seven states. Several brokerage firms lowered their ratings on the stock.