Stock market broadly lower

NEW YORK The stock market was braodly lower today as investorssaw little reason to buy stocks and waited for further news on thestate of the economy.

At 2 p.m., the Dow Jones industrial index was off 5.82 points at3,229.65, and losing issues held an 2-1 lead over gains on volume of148.80 million shares.

"Nobody is seeing any reason to buy into the market," said CindySchlur, a trader at BT Brokerage. "With the numbers coming out,there's a wait-and-see attitude."

March jobless data are due tomorrow, followed by first-quartercorporate earnings in the weeks ahead. The market showed littlereaction to today's report that the National Association ofPurchasing Management's index rose to 54.1 percent in March from 52.4percent in February. Economists had forecast a rise to 53 percent.

Ricky Harrington, a technical analyst at Marion Bass Securities,said investors are buying blue chips rather than secondary stocks asa safe haven.

"Institutions still have cash and are buying the stocks thatcan't hurt them," he said.

Meanwhile, the U.S. dollar rose today against major foreigncurrencies in European trading. Gold prices were also higher.

In Tokyo, the dollar rose to a closing 133.90 Japanese yen from133.05 yen at Tuesday's close. Later, in London, the dollar rose to134.25 yen. It was quoted at 134.645 yen at midday in New York. InLondon, the British pound fell to $1.7255 from $1.7365 late Tuesday.By midday in New York, the pound was quoted at $1.7235.

Gold rose in London to a late bid of $344 a troy ounce from$342.15 late Tuesday. In Zurich, the metal rose to a closing bid of$343.95 an ounce, up from $341.55 late Tuesday. Earlier, in HongKong, gold rose $2.49 an ounce to close at $344.55.