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Stocks Extend Wednesday's Losses

The Treasury market is also down after tumbling a day earlier.
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News that

Morgan Stanley Dean Witter

chief U.S. investment strategist Byron Wien cut his recommended stock allocation in his model portfolio to 85% from 90% and raised cash to 15% from 10% helped send stocks tumbling early on, piling on to losses suffered yesterday.


Dow Jones Industrial Average

was down 42 to 9358. The

S&P 500

was down 8 to 1245.


Nasdaq Composite Index

was down 16 to 2324. The

Russell 2000

was down 1 to 394. Internet Sector

was down 1 to 504. E-Commerce Index

was up 1 to 96.

The benchmark 30-year Treasury bond was getting whacked again. It was down 21/32 to 95 19/32, yielding 5.56%, piling on to huge losses suffered in the last couple of sessions.

Meanwhile, Steven Milunovich, an analyst at

Merrill Lynch

, had cautious comments on


(DELL) - Get Free Report

and the personal computer industry in general. Milunovich in a note said that he was concerned that vendors' "growth objectives the next few years will prove hard to achieve, perhaps resulting in pricing pressure." As for Dell, he said, "Dell's superior model affords some protection but valuation remains an issue."

Dell was down 1 9/16 to 81 5/8.

Most Up at Open -- NYSE

Fort James undefined, up 15/16 to 30 1/4



raised its rating on Fort James to attractive from neutral.

Most Up at Open -- Nasdaq (AMZN) - Get Free Report, up 5 11/16 to 116 5/8


BancBoston Robertson Stephens

upped its rating on to strong buy from buy.

Most Down at Open -- NYSE

American International Group (AIG) - Get Free Report, down 1 3/4 to 112 1/4


Most Down at Open -- Nasdaq

BMC Software (BMCS) , down 4 3/8 to 42 5/8


Herb Greenberg

wrote about the company

this morning. Also

Prudential Securities

downgraded BMC Software to accumulate from strong buy.