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To: CRICKET who wrote (18998)	10/24/1997 11:15:00 AM
From: Annette M.	Read Replies (1) \| Respond to of 176388

Probably fallout from UBS downgrade of semiconductor stocks. Friday October 24 10:40 AM EDT Dow rally fizzles, chipmakers & gold stocks slide NEW YORK, Oct 24 (Reuters) - The Dow's early rally quickly fizzled as a slide in semiconductor and gold stocks, along with a weaker long bond, dampened sentiment, analysts said. The Dow rallied some 80 points at the opening, in line with expectations of an initial bounceback following yesterday's sharp Hong Kong crisis-triggered selloff. ''The market seems a little relieved, but there is definitely a pullback from the opening highs,'' said Warren Epstein, director of trading at Richard Rosenblatt. ''The semiconductor stocks are getting kind of beat up after UBS downgraded a lot of the sector,'' he added. The Philadelphia Stock Exchange's index of semiconductor stocks tumbled 2.60 percent or 8.67 points to 324.19. The Exchange's index of North American silver and gold stocks also fell sharply, down 5.73 percent or 6.05 points to 99.60 as the yellow metal's price quickly headed south. On New York's COMEX the December gold contract tumbled $8.10 to $316.60 an ounce after news of a Swiss proposal to sell 1,400 tonnes of gold if the country agreed in a referendum due in 1999. At 1030 EDT/1430 GMT the Dow was up 34.13 points at 7881.90, after shedding more than half its early gains. The broader market S&P500 index was up 5.29 points at 955.98. Despite the rout in semiconductor stocks, the Nasdaq was up 7.46 points at 1678.71. UBS Securities downgraded five semiconductor capital equipment stocks because of concern about the impact on business from the Asian currency crisis. One of the stocks cut by UBS, Applied Materials Inc (AMAT) was the most active issue on the Nasdaq, falling 3-5/8 to 33-3/8. The long bond weakened sharply pre-market as investors took profits after yesterday's hefty flight-to-safety gains. The bellwether index later shed some losses and was off 3/32 to yield 6.32 percent.