Nasdaq stocks, both big and small, end with losses
Reuters Story - September 17, 1998 17:33
NEW YORK, Sept 17 (Reuters) - Nasdaq stocks were caught up Thursday in the global sell-off of equities as investors took
a second look at Wednesday's news that there was no concerted effort in the works for a coordinated cut in interest rates.
The Nasdaq Composite index lost 43.66 points, or 2.58 percent, to 1646.25. Declines beat advances by a margin of more
than two to one on volume of 687 million shares. Some 293 stocks hit their 52-week lows at the close of trading, while just six
claimed new highs.
"There is not a lot of volume, the uncertainty in the market isn't good and we still have Russia and Asia to deal with, so
nothing's changing," said Buzz Gedould, president of Herzog Heine Gedould.
The market fell at the open and languished.
"For being down where were are, people are not too chagrined. Stocks are down at levels where nobody really wants to sell
unless they are forced to," said one trader.
Nasdaq's major players were all sharply lower with Dell Computer Corp. , Cisco Systems Inc. , Intel Corp. , Yahoo! Inc.
were all sharply lower.
The Russell 2000 index of small-cap stocks, many of which are on the Nasdaq lost 4.56 points, or 1.27 percent, to 355.29. |
