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To: zbyslaw owczarczyk who wrote (13433)	9/24/1999 12:03:00 PM
From: zbyslaw owczarczyk	Respond to of 18016

``The comments that were made by the Microsoft executive pushed a market that was already in the process of falling,' By Amy Collins NEW YORK (Reuters) - U.S. stocks were trading lower at late-morning Friday, a day after a frenetic market broke through the bottom of key technical support levels and dragged down even the high-flying technology sector. The Dow Jones industrial average was down 72 points, or 0.71 percent, at 10,245 in active volume. The Nasdaq composite index was down 34 points, or 1.25 percent, at 2,715. The U.S. Treasury 30-year bond was down 6/32 with a yield at the psychologically important level of 6.0 percent. Declining stocks were outpacing advancers by 1,554 to 945 and 129 stocks were at new lows while only four set new highs. ``The market is schizophrenic,' said Alan Ackerman, senior vice president and market strategist at Fahnestock and Co. Doug Myers, vice president of equity trading at Wachovia Securities in Atlanta predicted the downtrend would not last, but that the Dow would find a new support level in the high 9,000s and bounce up from there. ``Think of pigeons in the park: When one alights, where do the rest of them go,' Myers said. ``People are looking for somewhere to land.' Thursday, the Dow was down 205 points and the Nasdaq recorded its fourth-largest drop, of 108 points. After breaking through key technical support levels in the Dow and the Standard & Poor 500 near midday Thursday, even the technology sector turned negative after Microsoft Corp. (Nasdaq:MSFT - news) President Steve Ballmer said computer and computer-related stocks were overvalued, including Microsoft's. ``Apparently that's what everybody's laying the blame on,' Myers said. Friday morning, TheStreet.com's volatile Internet index was up 4 points, or 0.77 percent, at 616. Microsoft was down 1 at 90-3/16, adding to Thursday's losses. Ackerman said. But reports that the comments were primarily responsible for Thursday's dramatic declines were ``overblown,' Ackerman said. 'They just greased the poles.' He said the other factors pushing the markets down include the dollar's weakness against the yen, the record trade gap, concern about third-quarter corporate earnings and nervousness about whether the Federal Reserve will raise interest rates on Oct. 5. Stocks in the news included Sprint Corp. (NYSE:FON - news), which was trading 2-3/16 higher at 53-1/4 after the Wall Street Journal reported it was in merger talks with MCI WorldCom Inc. (Nasdaq:WCOM - news) . MCI shares were down 3-1/2 at 75. In economic news, the National Association of Realtors reported August existing home sales slipped by 2.8 percent to 5.25 million units. The markets also were anxiously awaiting the outcome of the weekend meeting of the Group of Seven industrialized nations and whether it acts to influence the economy. One of the key issues has been the rising strength of the Japanese economy and its currency, the yen, which has been near three-year highs against the dollar. Friday, the dollar was at 104.1 against the yen. Earlier Stories Wall St. Turns Mixed After Lower Opening (September 24) Wall Street Seen Opening Flat To Lower (September 24) U.S. Stocks Tumble; Dow Falls 205 Points (September 24) U.S. Stocks Fall Sharply (September 23) U.S. Stocks At Lows; NYSE Curbs Triggered (September 23) U.S. Stocks At Lows; Support Levels Fail (September 23)