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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (33035)	3/12/2001 9:48:53 AM
From: stockman_scott	Respond to of 65232

Stocks Buckle, Nasdaq Breaks Below 2,000 Monday March 12 9:43 AM ET <<NEW YORK (Reuters) - Stocks tumbled at the opening on Monday, pushing the Nasdaq composite index below the key 2,000 mark for the first time in more than two years, after computer networking titan Cisco Systems Inc. (Nasdaq:CSCO - news) warned that the economic slowdown is spreading around the globe. The technology-rich Nasdaq (^IXIC - news), which peaked at more than 5,000 points a year ago, crumbled 53.82 points, or 2.62 percent, to 1,998.96. The Nasdaq now is down more than 60 percent from its March 10, 2000 record high of 5,048.62 as corporate profit warnings mount in the flagging economy. The last time the Nasdaq traded under 2000 was Dec. 16, 1998, and the last time the once mighty index closed below 2000 was Dec. 14, 1998. The blue-chip Dow Jones Industrial average (^DJI - news) dropped 77.54 points, or 0.73 percent, to 10,567.08. The broader Standard & Poor's 500 Index (^SPX - news) fell 11.03 points, or 0.89 percent, to 1,222.39, after closing at a nearly two-year low on Friday. Cisco dropped $1-1/2 to $19-1/8 and led the Nasdaq lower. Cisco, which said it would cut 11 percent of its work force, or up to 5,000 jobs, warned its visibility is very limited and signs of the U.S. economic downturn are beginning to spread slightly into other global regions.>>