Market diary.MARKET DIARY Stocks continued to struggle for the week ended March 8 because of the specter of higher interest rates and inflation. The Standard & Poor's 500 Index fell 1 percent to 1,278.47, while the Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. was nearly flat, down 0.4 percent to 11,005.70. The Nasdaq Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed fell 2 percent to 2,267.46 and the LABJ LABJ Los Angeles Business Journal 200 Index fell 2.1 percent to 129.09. Decliners far outpaced advancers 132 to 60, with eight issues unchanged. Still, 22 stocks hit new 52-week highs, while only three sank to new lows. Communications firms were the biggest gainers, up a mere 4 percent. One of the most actively traded issues was MRV Communications  OverviewMRV NASDAQ: MRVC is a company that designs, manufactures, sells, distributes, integrates and supports communication equipment and services, and optical components. Inc., which jumped 32 percent to $4.33 a share after its LuminentOIC unit reported strong sales of optical devices. On the downside On the Downside is an EP by the San Diego, California band Counterfit, released by Alphabet Records in 2000. It was the band's first EP, recorded shortly after the members had relocated to San Diego from Fairfield County, Connecticut. , the energy and utility sector got hit hard, falling 7.3 percent, followed by construction and engineering, down 5.7 percent. Shares of urinalysis company Iris International Inc. plunged 31 percent to $15.93 a share, but the company gave no reason for the market's reaction despite a positive earnings report. Two high-fliers continued to be buffeted by sell-offs: True Religion Apparel Inc. fell 13 percent to $20.67 a share, and Saehan Bancorp dropped 12 percent to $20.51 a share. |
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