Stocks Close Higher

Among technology companies issuing quarterly results this week are wireless giant Motorola, Internet firm Yahoo, both on Wednesday, and Web gear company Juniper Networks, on Thursday.

Optimists are hoping that interest rate cuts by the Federal Reserve this year will ultimately lift the slowing economy and corporate profits. The Fed has cut rates six times so far in 2001.

Today's economic report is not expected to move markets. The Federal Reserve's consumer credit data report, according to a Reuters poll, is expected to show that consumer installment credit grew by $9.9 billion in May, down from growth of $13.9 billion in April.

After a period of silence following their last rate cut, Fed officials will return this week to offer their latest views on the economy. Fed Bank of Chicago President Michael Moskow is to speak publicly on the economy and the Chicago Fed's outreach programs at 2 p.m. ET.

Friday’s Trading

The blue-chip Dow Jones industrial average tumbled 227.18 points, or 2.17 percent, to 10,252.68 on Friday, its lowest close in almost three months.

The Nasdaq composite index fell for a fourth straight session, dropping 75.95 points, or 3.65 percent, to 2,004.16. The broader S&P 500 Index dropped 28.65 points, or 2.35 percent, to 1,190.59.

For the week, the Nasdaq slumped 7.2 percent, while the S&P 500 dropped 2.8 percent and the Dow slid 2.4 percent.

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