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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (71908)	3/12/2001 4:25:42 PM
From: stockman_scott	Respond to of 99985

Stocks Tumble, S&P 500 in Bear Territory Monday March 12, 4:18 pm Eastern Time <<NEW YORK (Reuters)Stocks fell sharply on Monday, knocking the Nasdaq composite index to a 28-month low and dropping the broad market into bear territory after technology giant Cisco Systems Inc. (NasdaqNM:CSCO - news) said it will layoff thousands of workers because of the weak American economy. The Nasdaq index (.IXIC) slumped 128.36 points, or 6.25 percent, to 1,924.42, according to the latest data. It was the lowest finish since November 1998, and follows Friday's 5.35 percent drubbing. More than half of the Nasdaq's 25 most active stocks slammed to 52-week lows. The Dow Jones Industrial average suffered its fifth largest point drop ever, with a 436.37-point tumble, or 4.10 percent, at 10,208.25. It was the lowest close for the blue-chip average since late October 2000. The Standard & Poor's 500 closed at 1,180.30, down 53.12 points, or 4.31 percent, putting the broad market measure into bear territory, having finished 20 percent below the all-time closing high of 1,527.5 set on March 24, 2000. ``The negativism is mushrooming,'' said Dick Schmaltz, director of investment at J. & W. Seligman Inc., which oversees $34 billion. ``There are very few heroes in this market.'' Year-to-date, the Nasdaq composite is down 22.1 percent, the Dow 5.4 percent lower, and the S&P 500 off 10.6 percent. Cisco, the world's No. 1 maker of networking equipment for the Internet, dropped $1-13/16 to $18-13/16 in heavy trading and led the Nasdaq lower. The stock slid to $18-3/8 earlier, its lowest level in more than two years.>>