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Close Dow -94.16 at 8445.08, Nasdaq -47.80 at 1711.90, S&P -12.25 at 1035.08: It was a widespread selloff on Wall Street today with tech stocks bearing the brunt of the selling pressure following Intel's (INTC -10 7/8) earnings warning... Yet, despite the disconcerting news, which came on the heels of Disney guiding analyst estimates lower yesterday, the market showed some impressive resilience... In essence, the bulls bent some today, but they didn't break... While the indices finished noticeably lower, losses could've been much larger, particularly in the tech sector, considering that there was a story that the Justice Dept. might block the release of Windows '98, and that CompUSA (CPU -6 1/4) warned that lower prices on PCs would detract from its earnings growth... The chip makers led the tech sector's decline, yet tech industry groups were lower across-the-board... In the broader market, airlines also faltered after some cautious comments from United Airlines (UAL -2 5/8) related to slower air traffic in the Asia-Pacific region... Bulls will face another test tomorrow in February's employment report... Briefing contends that a strong report won't bode well for the market as bad news will be amplified following the disappointing announcements from Disney and Intel... DJTA -41.44... SOX -20.31... Nasdaq 100 -4.5%. |
