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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60590)	2/15/2002 3:09:54 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

U.S. tech stocks slip but Dow ends above 10,000 level Reuters, 02.14.02, 4:40 PM ET forbes.com By Elizabeth Lazarowitz NEW YORK (Reuters) - Technology stocks slid Thursday on fears about mounting debt in the telecom sector and more accounting blow-ups, but upbeat economic data lifted the Dow Jones industrial average over the key 10,000 mark. Qwest Communications International Inc. , the No. 4 U.S. local phone company, reignited market concerns about ballooning corporate bankruptcies after it was forced to dig into its back-up credit line and had its debt downgraded by ratings agency Standard & Poor's. "The market's still a little bit on the timid side when they see all these big players in the telecommunications side running into problems and that's going to trickle down into the broader market," said Keith Janecek, vice president of institutional sales and trading at Legg Mason Wood Walker Inc. Accounting concerns also were still gnawing at the market after a string of scandals. Investors' attitude was to "shoot first and ask questions later" toward companies with even a hint of impropriety, traders said. Qwest, conglomerate Tyco International Ltd. and data-storage company EMC Corp. were among those caught in the cross fire as investors questioned the honesty of Corporate America's financial statements in the wake of the collapse of Enron Corp.