The Naz is selling off sharply...FYI...
<<Tuesday February 22 11:49 AM ET
Nasdaq Off Sharply in Late-Morning Trade
NEW YORK (Reuters) - Declining technology stocks drew the Nasdaq deeply into the red Tuesday morning, with the market composite index (^IXIC - news) dropping more than 2 percent, or 108 points, to 4304.
Biotech shares in particular suffered, extending their downturn to a third session following a spectacular run-up earlier this month.
The Dow Jones industrial average (^DJI - news) was down 82.29 points, or 0.81 percent, at 10137.23. The broader Standard & Poor's 500 Index (^SPX - news) was down 9.27 points, or 0.69 percent, at 1336.82. The benchmark 30-year U.S. Treasury Bond was up 29/32, with the yield at 6.088 percent.
On the Nasdaq, decliners were leading advances 2,411 to 1,477 with more than 716 million shares changing hands. There were 166 stocks hitting new highs and 83 hitting new lows.
The most active Nasdaq stocks were Microsoft Corp. (NasdaqNM:MSFT - news), off 1-9/16 at 93-1/2, Cisco Systems Inc. (NasdaqNM:CSCO - news), down 4-5/16 at 121-1/2, and Dell Computer Corp. (NasdaqNM:DELL - news), dropping 1-15/16 to 38-1/8.
Among the biotech losers, Cytogen Corp. (NasdaqNM:CYTO - news) fell 3-1/4 to 16-5/8 and XOMA Ltd. (NasdaqNM:XOMA - news) lost 2-7/16 to 8-3/16.>>
---------------------------------------------------------
It's interesting that some of my small cap. fiber optics and XML stocks (like CCBL, FBCE, and EXLN) are holding up VERY WELL in this market.....IMO, money continues to be rotated into selective small cap stocks. The 'DELL's of the world' will be OK if you are very patient and can tolerate A LOT of turbulence in 2000.
Good Luck Investing Everyone.
Best Regards,
Scott
|
