Stocks Dive Deep at the Open

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This is not a great way to start out the week.

The

Dow Jones Industrial Average

was down 163 to 7732. The

S&P 500

was down 24 to 996, while the

Nasdaq Composite Index

was down 41 to 1623 and the

Russell 2000

was down 7 to 356.

Compliments of the global equity selloff, Treasuries rallied. The 30-year Treasury bond was recently up 1 12/32 to 106 23/32, yielding a record-low 5.06%.

Another worldwide equity selloff has spread to the U.S. In Japan, compromise legislation regarding the nation's banking trouble has apparently fallen apart and that sent the

Nikkei

skidding 385.82, or nearly 2.8%, to 13,597.30, a 12-year low. Stocks also fell in Europe.

Meanwhile,

President Clinton's

videotaped grand jury testimony from August has been released and is being broadcast in its entirety on several TV networks.

In other news,

Deutsche Bank's

Ed Yardeni cut his S&P 500 1998 earnings estimate to $44 from $46.15.

Most Up at Open -- NYSE

Newmont Mining (NEM) - Get Report, up 7/8 to 21 13/16

.

Most Up at Open -- Nasdaq

Marquette Medical Systems (MARQ) , up 13 3/8 to 40 3/4

:

GE Medical Systems

, a unit of

General Electric

(GE) - Get Report

, signed an agreement to buy Marquette Medical Systems.

Most Down at Open -- NYSE

Citicorp (CCI) - Get Report, down 2 3/4 to 94

.

Most Down at Open -- Nasdaq

Amazon.com (AMZN) - Get Report, down 3 11/16 to 76

.