US stocks fall again

Doubts about corporate bookkeeping and earnings thwarted Wall Street for a fifth consecutive session today, giving the Nasdaq composite index its longest losing streak since the terrorist attacks.

Stocks drifted progressively lower throughout the day, unable to hold on to early gains. Analysts said the losses reflected investors’ unwillingness to get involved in a market with so much uncertainty.

The Dow Jones industrials closed down 27.95, or 0.3%, at 9,625.44, for a total loss of 294 points in the five sessions including last Friday. The Dow fell six straight sessions in January.

Broader indicators also slumped, with the technology-focused Nasdaq falling 30.59, or 1.7%, to 1,782.12, its lowest close this year. The last time the Nasdaq closed down five sessions in a row was the week of September 17, when the market reopened following the September 11 attacks.

The Standard & Poor’s 500 index dropped 3.34, or 0.3%, to 1,080.17.

Stocks have been falling since the beginning of the year, chiefly on doubts about how much the US economy and business conditions are improving. Wall Street has also become increasingly dubious about the quality and accuracy of corporate earnings, particularly at companies that have complicated structures. With the Enron debacle making news every day, investors are more cautious about buying.

Cisco Systems tumbled dlrs 1.55, or 8.3%, to dlrs 17.06, despite reporting better-than-expected second-quarter results late on Wednesday. Analysts said investors were concerned by its cautious forecast for the coming quarter and worried about the effect a less-than-robust turnaround would have on business.

Monthly retail sales reports provided little boost for the market, although some of the figures were relatively strong. The mixed data, while not surprising in a weak economy, gave investors another reason to worry about whether consumer spending, which accounts for two-thirds of the economy, will hold up.

Wal-Mart Stores slipped 49 cents to dlrs 58.39 despite reporting January sales well above Wall Street expectations. Federated Department Stores fell 92 cents to dlrs 38.32 after posting an 8.8% decline in sales at stores open at least a year.

There was some bargain hunting. Tyco, one of the companies whose accounting has attracted particular attention, continued to rebound from a sharp drop, rising dlrs 2.18, or 8.4%, to dlrs 28.10 after the company said it plans to answer analysts’ questions weekly in a conference call to ease investors’ concerns about its business practices.

Declining issues led advancers more than 5 to 4 on the New York Stock Exchange, where volume totalled 1.42 billion shares, down from 1.67 billion a day earlier.

The Russell 2000 index dropped 4.00 to 458.41.