Greenspan speech does little to spot Dow slide

Wall Street tried but failed to overcome disappointment over a jump in inflation today, closing moderately lower despite assurances by Federal Reserve chairman Alan Greenspan that the US job market will improve. The major indexes all ended the week with losses, and the Nasdaq composite index was down for the fifth straight week.

Stocks started lower after a government report showed a sharp increase in prices for petrol and other energy products in January, while the cost of other consumer goods remained relatively stable. In the afternoon, Greenspan’s statement revived stocks briefly but the selling continued.