Investors have taken a wait-and-see attitude about the stock of Wall Street brokerage firms since the Federal Reserve's decision last month to cut interest rates.

Shares of Merrill Lynch & Co., Morgan Stanley Dean Witter & Co., and Lehman Brothers were all down Tuesday as Fed Chairman Alan Greenspan told a Senate committee that he expected the economy to remain sluggish throughout 2001. Speaking before the Senate Banking Committee, Mr. Greenspan said slow growth would continue and there would be a slight increase in unemployment. The outlook for long-term prosperity was solid, he said.

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