Stocks Dip Lower Again
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.
