Stocks Dip Lower Again

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Major stock gauges continued lower late this morning as the

Dow Jones Industrial Average

has fallen sharply, swooning down 127 to 7655.

The

S&P 500

was off 13 to 977, the

Nasdaq Composite Index

fell 18 to 1574 and the small-cap

Russell 2000

has surrendered 5 to 347.

Thanks to the stock weakness, the 30-year Treasury bond has firmed today and was recently up 13/32 to 102 26/32, yielding 5.31%.

Breadth was negative on the

New York Stock Exchange

as decliners were beating advancers 2,086 to 766 on 344 million shares. On the

Nasdaq Stock Market

, decliners were beating advancers 2,435 to 1,151 on 319 million shares.

On the NYSE, 274 issues had hit new 52-week lows while zippo hit new highs. On the Nasdaq, 307 issues had hit new lows and 4 had hit new highs.

Tech Focus

Among the technology indices today, the

Morgan Stanley High-Tech 35

was recently off 1.1%; the

Philadelphia Stock Exchange Semiconductor Index

was down 0.5%; and the

American Stock Exchange Inter@active Week Internet Index

had fallen 1.9%.

One of the bright spots today in the technology arena has been

Intel

(INTC) - Get Report

, which was up 2 7/16 to 77 5/16 after

Morgan Stanley Dean Witter

raised earnings estimates on the company.

In the Newsletters

Computer Reseller News'

top story on its World Wide Web site today is

Vanstar's

(VST) - Get Report

announcement yesterday that it lost $10.4 million in the first quarter, or 24 cents per share, lower than

First Call's

seven-analyst estimate of a loss of 22 cents per share. Vanstar reported earnings after yesterday's stock-market close. Vanstar was down 5/16 to 7 15/16.

Computer Associates'

(CA) - Get Report

purchase of privately held

Qxcom

tops news on

Computerworld's

Web site today. Financial terms of the deal weren't disclosed, the article says. Computer Associates was recently down 13/16 to 30 7/16.

Computer Retail Week's

"Spot Poll" on its Web site asks readers today: "Will the retail PC industry miss

Computer City

? This week

CompUSA

(CPU)

completed its purchase of Computer City, a unit of

Tandy

(TAN) - Get Report

, at a price of about $211 million.