Starting Aug. 14, top officials at the largest US companies must personally certify the accuracy and completeness of financial reports. "That deadline's not going to be like a light switch where suddenly it's all better," Fitzpatrick said.
BellSouth Corp, the No. 3 local phone company, fell US$0.65 to US$23.95. Phone stocks were the worst performing industry group in the S&P 500 this week, with BellSouth dropping 7.7 percent and Verizon Communications Inc declining 5.4 percent.
Concord EFS Inc lost US$0.47 to US$16.40. The processor of debit-card transactions fell as low as US$13.94 and rebounded after saying it will liquidate investments in two hedge funds in response to investor concerns over risks.
Emulex Corp dropped US$8.34, or 35 percent, to US$15.27. The maker of computer circuit cards to boost data transmission in data storage systems forecast sales for the fiscal year ending June 30, 2003, that lagged analysts' expectations.
Other computer data-storage companies also fell. QLogic Corp.
slid US$3.42 to US$35.90, and Brocade Communications Systems Inc declined US$1.92 to US$15.36. EMC Corp, the largest data-storage equipment maker, shed US$0.24 to US$6.94.
Gold-mining stocks rallied as the price for the metal rose.
The dollar weakened against other currencies, boosting demand for the metal from overseas investors. Newmont Mining Corp added US$2.05 to US$26.78, Freeport-McMorRan Copper & Gold Inc. rose US$0.98 to US$16.19. The Amex Gold Bugs Index climbed 6.1 percent.
The Russell 2000 Index of smaller stocks fell 1.39, or 0.4 percent, to 388.45. The Wilshire 5000 Total Market Index, the broadest measure of US shares, advanced 24.56, or 0.3 percent, to 8,571.87. Based on changes in the Wilshire, the market value of US shares climbed US$29.1 billion.
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