Nasdaq stocks end lower, reversing recent gains
Reuters Story - September 24, 1998 17:14
NEW YORK, Sept 24 (Reuters) - Nasdaq stocks closed sharply lower on Thursday, reversing more than half their gains from
Wednesday, when stocks rallied on hopes for lower interest rates.
The Nasdaq Composite fell an unofficial 39.93 points or 2.27 percent to 1720.34, a day after surging 62 points or 3.7
percent. Decliners beat advancers by a 3-2 margin on volume of more than 800 million shares.
The otherwise dismal performance was marked by a noteworthy bright spot, the initial public offering of Internet auction
company eBAY Inc. which soared 29-3/8 to close at 47-3/8, nearly tripling from an offering price of $18 a share.
Analysts said the offering had a number of factors playing in its favor that helped with the sparkling debut.
"We have a stock that is an Internet company, an Internet IPO that is making money," said David Menlow, president of IPO
Financial Network in Springfield, N.J. "This is unheard of."
Other Internet issues did not fare as well. Recent IPO Broadcast.com Inc. fell 6 to 50-1/2 and Yahoo Inc dipped 2-5/8 to
115-1/4.
|
