Skip to main content

eBay Surges as Most Stocks Keep Languishing

  • Author:
  • Publish date:

Stocks continued lower this afternoon, while Internet fever has lifted one market newcomer.


Dow Jones Industrial Average

was down 73 to 8081. The

S&P 500

was down 13 to 1053, while the

Nasdaq Composite Index

was down 16 to 1745 and the

Russell 2000

was down 3 to 373.

The 30-year Treasury bond was recently up 3/32 to 105 5/32, yielding 5.16%.


(EBAY:Nasdaq) is making an eye-popping splash today. The Internet auction site's stock -- in its first day of trading -- was up 29, or 161.1%, to 47 and has traded as high as 54 1/4. It was priced yesterday at 18.

On the

New York Stock Exchange

, 1,761 decliners were leading 1,204 advancers on 518 million shares.

Scroll to Continue

TheStreet Recommends

Nasdaq Stock Market

losers were beating winners 2,110 to 1,703 on 534 million shares.

On the NYSE, 89 issues were at new 52-week lows while 36 were at new highs. On the Nasdaq, 100 issues were at new lows while new highs totaled 33.

Among the biggest Dow component dogs today:

J.P. Morgan

(JPM) - Get JP Morgan Chase & Co. Report

, off 5 5/8, or 6%, to 87 1/2, and

American Express

(AXP) - Get American Express Company Report

, down 3 5/8 to 79 13/16.

Bank stocks have been pounded today in part because of the

Long Term Capital Management


In other news,



shareholders approved its merger with


(BAC) - Get Bank of America Corporation Report

. NationsBank shares fell 3 7/8, or 6.6%, to 54 7/8 while BankAmerica dropped 4 1/4, or 6.5%, to 61.

Sector Focus: Drugs

A couple of drug companies have been relatively prominent in the news today. Drug stocks in general have been relatively popular lately as a haven from the market's recent turbulence.



(PFE) - Get Pfizer Inc. Report

said its board authorized a stock buyback program totaling up to $5 billion over two years. Shares jumped 1 15/16 to 108 3/8.

Elsewhere in the news today,

Prudential Securities



(BMY) - Get Bristol-Myers Squibb Company Report

to strong buy from accumulate. Shares of the company have jumped 1 5/8 to 101 9/16.