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Technology Stocks : Jimbo's Playhouse/CPQ -- Ignore unavailable to you. Want to Upgrade?

To: Kenya AA who wrote (933)	5/4/1999 4:09:00 PM
From: Night Writer	Read Replies (1) \| Respond to of 12662

K, I'm tracking AOL as an indicator. I really have no great interest in Internets right now. Unless you count ELBO that has stores and internet. NW

To: Kenya AA who wrote (933)	5/4/1999 5:22:00 PM
From: Night Writer	Respond to of 12662

K, I'm telling you. They are trying to yell fire and once again it's name is inflation. NW Dow Sags As Financials Pause; Inflation Jitters Reappear NEW YORK, May 4 /PRNewswire/ -- U.S. share prices dropped more than 100 points Tuesday, bringing to at least a temporary halt Monday's euphoria over topping the 11,000 mark, Market News International reported. The Dow Jones Industrial average lost 131.73 points to close at 10,882.96 on New York Stock Exchange volume of 900 million shares. The S&P 500 fell 22.63 to 1,332.00, while NYSE decliners led advancers 1,582 to 1,401. Monday's record close above 11,000 -- after besting 10,000 just a few weeks earlier on March 29 -- was not enough to propel gains beyond European bourses, however. The technology-heavy NASDAQ composite also lost, closing down unofficially by 50.81 points at 2,484.77. "Rotation of the rotation" is how Charles Payne, head analyst at Wall Street Strategies, described the day's action on the NYSE. But even technology shares, the victims in recent sessions, didn't fare too well even though cyclicals like chemicals and financials headed south. "They're making lower highs," Payne said of the tech sector. "The trend is still kind of spooky there," he said. QUALCOMM, America Online, Amazon.com, and Microsoft all posted losses Tuesday. Dow Chemical ended down by 2 at 132-7/8, while drug giant Merck ended flat at 70-11/16 and aluminum leader Alcoa ended virtually unchanged, up 9/16 at 61-5/16. Financial stocks also stumbled, with American Express leading the charge, down 6-1/4 at 127-1/8. Citigroup and J.P. Morgan slipped too, but the freshly minted Goldman Sachs Group stock soared on arrival, opening at $76, a 43% premium over its IPO price of $53. Payne said Goldman Sachs proved immune to the downward momentum in part because of feverish market anticipation for the issue, which had been in the works for a few years. At nearly $4 billion, the IPO was the second largest on record. A stack of healthy U.S. economic data in the last week has helped fanned market fears of inflation, dealers said. Advance figures for first-quarter GDP handily beat expectations, manufacturing growth in April continued strong, and new home sales rose more than 2% in March. Tuesday's performance in the financial sector, in particular, reflected "the possibility that inflation and interest rates may become a problem" again, Payne said. Separately, a Japanese newspaper reported that Bank of Tokyo-Mitsubishi is set to become the first Japanese financial institution to conduct an IPO in the U.S. SOURCE Market News International -0- 05/4/99 /NOTE TO EDITORS: Market commentary from Market News International is transmitted on a daily basis by PR Newswire./ /CONTACT: Claudia Hirsch of Market News, email: hirsch(at)mktnews.com / CO: Market News Service