Nasdaq suffers fourth day of losses as techs slide
Reuters Story - October 01, 1998 16:58
NEW YORK, Sept 30 (Reuters) - Nasdaq suffered its fourth
straight day of losses Thursday as worries about global
economic weakness and lower corporate profits battered
technology stocks.
The Nasdaq composite index closed down 81.51 points, or
4.81 percent, at 1,612.33, with declining issues leading
advancing issues 3,372 to 856. Total volume was 848 million
shares.
It was unofficially the fourth-largest point loss ever for
the index.
Traders said losses were catching up to tech shares, which
had held up better then the Dow Jones Industrial Average in the
past two weeks.
Internet stocks were among the worst hit, although leaders
in the group remain at higher prices than where they were in
mid September.
Yahoo Inc. lost 16-9/16 to 112-15/16, while
Amazon.com Inc. lost 9 to 102-5/8.
Among big-cap shares, Dell Computer Corp. lost
4-3/16 to 61-9/16, while Cisco Systems Inc. dropped
4-9/16 to 57-1/4 and Microsoft Corp. slid 6 to
104-1/16.
Bellwether Intel Corp. lost 2-5/16 to 83-7/16.
Five largest point losses in the history of Nasdaq:
Date point loss
1. Aug. 31, 1998 -140.43
2. Oct. 27, 1997 -115.83
** 3. Aug. 27, 1998 - 81.72.
4. Aug. 4, 1998 - 65.46
5. Jan. 9, 1998 - 52.32
Date percentage loss
1. Oct. 19, 1987 -11.35
2. Oct. 20, 1987 - 9.00
3. Oct. 26, 1987 - 9.00
4. Aug. 31, 1998 - 8.56
5. Oct. 27, 1997 - 7.02
** Historical point loss table excludes today's (Thursday,
Oct. 1, 1998) point loss of 81.51, which would become the
fourth-largest point loss for the index. |
