Wall Street not buying revival
August 2, 2003
BY HOPE YEN
NEW YORK--Wall Street pulled back Friday after a lackluster employment report renewed investors' worries that the economic recovery would not be as speedy as hoped. The Dow Jones industrials fell nearly 80 points to end a four-week winning streak.
''Even though unemployment went down, the number of jobs available did too and that's really key,'' said Mike Kayes, chief investment officer at Eastover Capital in Charlotte, N.C. ''Investors have been looking for when the economy can create jobs and it hasn't yet.''
The Dow closed down 79.83, or 0.9 percent, at 9,153.97, more than wiping out a 33-point gain in the previous session that marked its fifth straight winning month.
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