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Stocks Dive Deep at the Open

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


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


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


President Clinton's

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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 Newmont Corporation 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 General Electric Company Report

, signed an agreement to buy Marquette Medical Systems.

Most Down at Open -- NYSE

Citicorp (CCI) - Get Crown Castle International Corp. (REIT) Report, down 2 3/4 to 94


Most Down at Open -- Nasdaq (AMZN) - Get Inc. Report, down 3 11/16 to 76