SAN FRANCISCO (05/23/2000) - The Nasdaq index made its lowest close of the year today, dropping nearly 6 percent after holding its ground earlier in the day.
The index lost 199.59, and closed at 3164.62. The Dow meanwhile dropped only 1 percent, or 120.28, to 10422.27.
Although market activity today was less volatile than yesterday, the indexes continued to bob up and down before finally plunging in the final hours of trading. And once again, tech stocks led the losers. Large-cap decliners included Intel Corp. (INTC) , down 7 percent to $110.06, and Cisco Systems Inc., down 8 percent to $50.95. Dell Computer Corp. lost 5 percent to $43.87, and Oracle Corp. (ORCL) fell 7 percent to $63.06.
Internet sector losses were worse. CMGI Inc. (CMGI) and DoubleClick Inc. (DCLK) both dropped nearly 10 percent, while Ariba Inc. (ARBA) and Commerce One Inc.
(CMRC) lost 12 percent each. Interwoven (IWOV) plunged 17 percent, and eBay Inc. (EBAY) lost 15 percent.
The Dow posted much smaller losses today, as some of its major components lost 2 to 4 percent each. The financial sector was one of today's few strong plays, posting small gains.