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Technology Stocks : Micron Sucks! :-)

MU 207.36

+3.0%

Nov 21 3:59 PM EST

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To: eddie r gammon who wrote (1173)	1/23/1998 12:04:00 PM
From: MythMan	Read Replies (1) of 3244

Possible reasons? NEW YORK (CBS.MW) -- An early U.S. stock rally was halted in its tracks Friday morning amid continued nervousness over corporate earnings and developments in Washington. But the technology sector held up relatively well, managing modest gains after Gateway 2000 released a glistening profits report. Elsewhere, gold-mining issues shined amid nervousness regarding the festering scandal involving President Bill Clinton. At 11:15 a.m. ET, the Dow Jones Industrial Average declined 57.79 points, 0.8 percent, to 7674.32. "We had a good day cooking and a rumor circulated very quickly about a potential resignation by Treasury Secretary Robert Rubin," said Scott Bleier, chief investment strategist at Prime Charter Ltd. "The political situation continues to be a potential tinderbox over the very near term. "The Street thinks that Secretary Rubin will take Federal Reserve Chairman Alan Greenspan's place when he eventually resigns," Bleier continued. "Rubin has inspired tremendous confidence from the financial community. If he resigned, it would add a very high level of uncertainty with regard to financial leadership." The Treasury Department subsequently denied the rumor of Treasury Secretary Rubin's resignation.

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