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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: sepku who wrote (18898)	10/23/1997 11:17:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 61433

No panic in Chicago trading pits as stocks slide Reuters Story - October 23, 1997 22:50 %US %DRV %STX %DBT %FIN .OEX .DJI V%REUTER P%RTR By Gregory Crawford CHICAGO, Oct 23 (Reuters) - Many retail investors stayed away, but Chicago's stock futures and options trading pits took the meltdown in U.S. stocks in stride Thursday, with few traders uttering the P-word: panic. "We were busy on the opening because it caught everyone off guard, but there's nothing going on," said a trader in S&P 100 index options at the Chicago Board Options Exchange. "It's really strange." As a 10 percent selloff in Hong Kong stocks rippled through financial markets around the world, U.S. stock prices opened sharply lower but quickly stabilized. By early afternoon, however, most major stock indexes were recovering from fresh session lows, with the bellwether Dow industrial average off 213 points at roughly 7,821 after hitting about 7,805. December Dow futures were down 211 at 7,864 after hitting a day's low at 7,750 off the opening bell. When stocks opened at 0830 CDT/1330 GMT, traders in the Dow futures said the market was moving down in 25-point ticks, with the bid/ask spread at one time widening to 100 points. The minimum tick is one point. "I was just glad to be on the outside looking in," said a floor broker in the bond futures pit. But even so, stock futures traders said if trading was chaotic, the mood was far from panicky, with investors having grown accustomed to sharp moves and with a "buy the dips" strategy having paid off handsomely throughout the 15-year bull market.