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Technology Stocks : ITURF Inc. ( NASDAQ:TURF )

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To: Jan Garrity Allen who wrote (362)	5/27/1999 7:18:00 PM
From: Big Dog	Read Replies (1) of 614

Nasdaq slips as Internet stocks lose ground Thursday May 27, 6:46 pm Eastern Time NEW YORK, May 27 (Reuters) - The Nasdaq closed lower on Thursday after leading Internet stocks lost ground ... According to unofficial data, the technology-heavy Nasdaq composite index closed down around 8.03 points, or roughly 0.33 percent, to 2419.15, on volume of about 839 million shares. Declining issues beat advances 2224 to 1627, with 43 stocks hitting new highs and 41 going to new lows. The Dow Jones Industrial Average ended down 235.23 points, or 2.20 percent, at 10466.93 unofficially. The American Stock Exchange's fifty share Internet index (^IIX - news) was down 6.71 points, or 2.28 percent at 287.23. ... Worries over how low Web valuations can go and the prospect of a rise in interest rates have rattled Internet issues. Many Web firms have high valuations but are deeply in debt and would be hit by any rise in interest rates. Sounding an optimistic note, BancBoston analyst Keith Benjamin and Goldman Sachs analyst Michael Parekh said the battered sector may be close to bottoming out. They said the selloff was a good chance for investors to start buying shares. ...

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