SAN FRANCISCO (04/14/2000) - Looks like 3500 isn't the bottom either.
The Nasdaq index dropped another 6 percent this morning, compounding four-straight days of losses and making investors hope that the correction doesn't soon become a crash. The index now stands below the 3500 mark, down 187.34 to 3489.44. The Dow dived, as well, losing over 200 points in early morning trading, and by midday it was down 278.60 to 10,644.95.
While inflationary fears added to the dumping, the tech sector remained the subject of the selloff: Oracle, Intel and Microsoft were among those suffering steep losses, each dropping 4 to 6 percent. Sun Microsystems was the rare winner in the sector, rising nearly 5 percent on positive earnings news.
The Internet sector dove even further: CMGI, DoubleClick, Internet Capital Group and Priceline.com were among the biggest losers, dropping 8 to 13 percent by midday.
Meanwhile, the Dow reversed recent gains with dips in Wal-Mart, General Electric, AT&T and WorldCom. The financial sector was also badly down: American Express and Citigroup dropped almost 5 percent each, and Charles Schwab and Donaldson, Lufkin & Jenrette were both down almost 12 percent.