Nasdaq slips as investors take profits after highs
Reuters Story - April 06, 1998 16:38
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NEW YORK, April 6 (Reuters) - The Nasdaq Composite Index
fell more than 26 points Monday as investors took profits after
four straight record closes, traders said.
The index unofficially dropped 26.24 points -- or 1.41
percent -- to 1829.16, even as the Dow Jones Industrial Average
soared nearly 50 points to close above 9000 for the first time
after Citicorp and Travelers Group Inc agreed
to merge in an $80 billion deal, the biggest corporate
combination ever.
Volume was more than 765 million shares and decliners led
advancers 13 to 9.
Microsoft Corp , the Nasdaq's most-active stock,
fell 3-1/16 to 89-15/16 on more than 18.5 million shares
traded.
Among other active issues, Intel Corp lost 2-56/64
to 73-7/8, Oracle Corp fell 1 to 27-1/8 and Cisco
Systems Inc fell 1-11/16 to 69.
Some market experts, noting the decline in nearly every
major Nasdaq issue, said the index was poised for a severe
correction, and that some important technology stocks were
already in bear markets.
"I think you'll see a 5-to-8 percent drop on the Nasdaq
from here," said Gary Kaltbaum, a technical market analyst at
J.W. Charles. "The technology stocks are going to get smashed." |
