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Strategies & Market Trends : the Women of SI -- Ignore unavailable to you. Want to Upgrade?

To: Madeleine Harrison who wrote (939)	4/5/2000 9:07:00 AM
From: Rainy_Day_Woman	Read Replies (1) \| Respond to of 1691

NEW YORK, April 5 (Reuters) - U.S. stocks are likely to open lower on Wednesday as Wall Street seeks to regain its balance from one of its most dizzying days ever. Analysts said jittery markets could head lower looking for footing before any rebound. ``We'll see what resiliency we have,' said Larry Wachtel, an analyst with Prudential Securities. ``We'll open lower and see if we can snap back.' The Standard & Poor's 500 futures index for June was off 17.7 points at 1501.8. Technology stocks skidded on Tuesday as investors panicked, pulling money out of the market and sparking one of Wall Street's most volatile days ever. The technology-laden Nasdaq composite index (^IXIC - news) closed down 1.77 percent, or 74.79 points, at 4,148.89. At its worst level, the Nasdaq had dropped 574 points, or more than 13 percent. The gauge is down 20 percent from its March high of 5,048.62, and below 1999's close at 4,069. The blue-chip Dow Jones industrial average (^DJI - news) ended off 57.09 points, or 0.51 percent, at 11,164.84. The Dow lost as much as 504 points, or 4.5 percent, as selling pressure that started in Nasdaq's technology stocks spilled over to the blue chips. The selling seemed to represent the first serious threat to the technology-driven market that investors have come to love. Arthur Hogan, chief market analyst at Jefferies & Co. in Boston, said markets likely had bottomed out on Tuesday and were poised to climb higher. ``There will be some nervousness in the early going but I would say that fairly soon after the open we'll be trending higher on both sides of the market,' he said. Wall Street will look ahead to the kickoff of the quarterly earnings season with the release of Yahoo! Inc. (NasdaqNM:YHOO - news) first-quarter results after markets close. Yahoo!, an Internet media network, is forecast to report earnings of 9 cents a share, according to research firm First Call/Thomson Financial. In other earnings news, Microchip Technology Inc. (NasdaqNM:MCHP - news) said its revenues and earnings for the fourth quarter would be stronger than analysts expected. BellSouth Corp. (NYSE:BLS - news) and SBC Communications Inc. (NYSE:SBC - news) said they would combine their U.S. wireless operations and serve more than 16 million subscribers nationwide. Tokyo's Nikkei average closed down 132.16 points, or 0.64 percent, at 20,462.77. The London Stock Exchange's opening was delayed because of a data feed failure. The dollar strengthened against the yen to a bid of 105.19 yen overnight. The euro firmed to $0.9682 bid. The U.S. Treasury 30-year bond was flat and yielding 5.78 percent.