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

To: StanX Long who wrote (64319)	6/12/2002 12:46:41 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Nasdaq 100 Closes Below Its Low Point of September By FLOYD NORRIS nytimes.com The Nasdaq 100, once the hottest stock index there was, fell to its lowest level in more than four years yesterday as technology issues continued to suffer. The index, composed of the largest companies traded on the Nasdaq market, thus became the first major American index to fall below the levels it reached in September after the Sept. 11 terrorist attacks. Advertisement Since then, a recession has ended and the economy has begun to recover. But the stock market, after rallying strongly in the fourth quarter of last year, has stumbled. The Nasdaq 100 fell 34.65 points, or 3 percent, to 1,100.97, its lowest close since Jan. 30, 1998, and 2.3 percent below its closing level of Sept. 21, when the stock market bottomed in the wake of a bout of selling after the attacks. To be sure, the Nasdaq 100 is no longer the hottest index there is, and part of its problem is that investor attention has shifted away from the technology stocks that dominate the index. It is now down 77 percent from the crazy peak it reached in March 2000, when the bubble was at its peak. Those days of early 2000 are long gone. But perhaps more important is just how far the index has fallen since its recent high of 1,720.91, set last Dec. 5. In a little more than six months, the index is down 36 percent. The broader stock market is not in such difficulty. In fact, within the Standard & Poor's 500, which is still 5 percent higher than it was at the Sept. 21 bottom, the majority of stocks have done much better than that would seem. About 390 of those 500 stocks are up over the period. The Nasdaq composite index, which is dominated by the stocks in the Nasdaq 100, is also 5 percent higher than its Sept. 21 level.