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Thursday, March 25, 1999
US stocks slump on earnings jitters
Reuters
Stocks slumped Tuesday as Wall Street fretted about corporate earnings, most notably technology companies. The Dow Jones industrial average ended down 218.68 points, or 2.21 per cent, at 9,671.83 as it moved further away from a historic 10,000-point level that it breached last week. In the broader market, declining issues swamped advances 2,337 to 660 on active volume of 808 million shares on the New York Stock Exchange. The technology-laced Nasdaq composite index plunged 73.10 points, or 3.05 per cent, to 2,322.84. Everyone seems scared to death,'' said Robert Froehlich, chief investment officer at Scudder Kemper Investments.``They seem to think the next stop is Dow 9,000, and a week ago they thought this was the best place to be. It's all based on emotion.'' ``Everybody is just getting a bit nervous and pulling some money off the table as they re-evaluate where we go from here,'' he said. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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