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To: Mark Fowler who wrote (14907)	8/27/1998 8:09:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

****Stock Market, Tech Issues Dive On Overseas Worries Newsbytes - August 27, 1998 19:19 %ONLINE %MSP V%NEWSBYTES P%NBYT NEW YORK CITY, NEW YORK, U.S.A., 1998 AUG 27 (NB) -- By Bob Woods, Newsbytes. The major stock market indexes, including the Dow Jones Industrial Average and the Nasdaq composite, plunged in Thursday trading as Russia's economic crisis worsened and investors worried about Japan's determination to revive its ailing economy. The Dow closed down 357.36 or 4.2 percent at 8165.99, while the tech- laden Nasdaq exchange closed off 81.72 or 4.6 percent at 1686.39. Among the tech indexes, the Philadelphia semiconductor index was hit the hardest, as it closed off just over 8 percent. The Morgan Stanley 35 was down 6.14 percent, the Chicago Board Options Exchange (CBOE) technology index was off 5.45 percent, and the Amex tech index closed down 4.85 percent. The Standard & Poor's 500 closed down 41.68 points. Excite led the techs on their downward trend; not only on the news from Russia, but on a Wall Street Journal article that said some analysts were questioning a recent accounting move by the Internet portal concern. Excite closed down $4.938 or 12.54 percent at $34.438. Other Internet stocks seemed to take it on the chin harder than other technology related issues. Amazon.com closed down $8.25 or 6.5 percent to $119, while Infoseek was off $2.188 or 8.43 percent at $23.75. Fellow Net portal Lycos closed down $3.75 or almost 10 percent to $34.25. Netscape Communications, which has both portal and e-commerce software interests, was down $2.625 or 9.9 percent at $23.988. Internet advertising concern 24/7 Media closed down $1.813 or 16.4 percent at $9.25. Stocks like Dell Computer were not hurt as badly as their Net counterparts on the Nasdaq. Dell closed down $3.563 or 2.77 percent at $125.063, while fellow computer maker Gateway was down $3 or 5.14 percent at $55.375. Tech bellwether Intel closed down $3.25 or 3.9 percent at $79.75, and Microsoft was down $3.563 or 3.16 percent at $109. Nasdaq telecom issues were also down: WorldCom closed off $3 or 5.75 percent at $49.188, Ericsson was down $2.25 or 9.42 percent to $21.625, and MCI Communications was down $3.50 or 5.56 percent at $59.50. But telecommunications concerns on the Big Board fared better, as AT&T closed down $1.375 or 2.43 percent at $55.188, Sprint closed off $2.188 or 3 percent at $69.50, and GTE closed down $0.438 or 0.9 percent at $49.563. All quoted closing prices were unofficial as of 5:20 PM EDT. Reported by Newsbytes News Network: newsbytes.com . 17:50 CST <BR>Reposted 17:50 CST (19980827/WIRES ONLINE, BUSINESS/WALLSTREETDOWN/PHOTO)