2 Strategists Reduce Outlook for S&P; 500

From the Better-Late-Than-Never Department: Investment strategists Douglas Cliggott of J.P. Morgan Securities and Jeffrey Applegate of Lehman Bros. cut their 2001 forecasts for the Standard & Poor’s 500.

Cliggott said he now expects the benchmark stock market index to finish the year at 1,300, down from his previous forecast of 1,400 and below its 2000 finish, because of lower-than-expected corporate earnings.

Applegate cut his outlook for the S&P; 500’s year-end price to 1,400 from 1,600.

The S&P; 500 closed Monday at 1,152.69--down 12.7% year-to-date and 24.5% from its peak.