----- Original Message ----- From: Charles F. Moreira To: M-L L Cc: [EMAIL PROTECTED] Sent: Friday, February 11, 2000 10:19 PM Subject: [M-L L] LA Times: U.S. Stocks Tumble to 'Correction' Levels Comrades, Rather interesting "correction" I must say. Charles ======================================================================== >From the Los Angeles Times: http://www.latimes.com/business/updates/ap_stocks000211.htm Friday, February 11, 2000 | Print this story U.S. Stocks Tumble to 'Correction' Levels >From Bloomberg NEW YORK--U.S stocks tumbled today, led by computer-related shares, on concern recent gains have pushed prices higher than justified, based on the outlook for corporate profits. The Dow Jones Industrial Average wrapped up its biggest weekly loss since October. "There aren't many more earnings numbers coming out, and people are saying maybe it's time to reduce" stock holdings, said John Zielinski, a portfolio manager at Chicago-based Northern Trust Co. "They're thinking, 'Jeez, my stocks have come a long way in a short time.'" Microsoft Corp. and Cisco Systems Inc., the two largest companies by market value, led the decline. All 11 economic sector groups in the Standard & Poor's 500 Index fell. The Nasdaq Composite Index lost 90.11, or 2 percent, to 4395.52 after setting four records in five days. The Dow fell 218.42, or 2.1 percent, to 10,425.21. It has now dropped 11 percent from its Jan. 14 record close, more than the 10 percent many people on Wall Street consider a "correction." The S&P 500 declined 29.72, or 2.1 percent, to 1387.11. Two stocks fell for every one that rose on the New York Stock Exchange. Weekly Roundup For the week, the Dow dropped 4.9 percent, its biggest loss since Oct. 15, and the S&P 500 fell 2.6 percent. The Nasdaq gained 3.6 percent. More than 1 billion shares changed hands on the Big Board, up from the three-month daily average of 962 million. Microsoft, the No. 1 software maker, declined 6 1/16 to 99 15/16 and was the most-active stock. Gartner Group, a Stamford, Connecticut-based research organization, predicted one in four customers installing Windows 2000 could have difficulties. The study was reported on CNET Inc.'s News.com Web site today. Through yesterday, the shares had risen 8 percent in February. Cisco fell 4 15/16 to 131, ending a six-day winning streak in which the largest maker of computer-networking equipment rose 19 percent. Intel Corp., the No. 1 semiconductor maker, lost 1 3/4 to 105 7/8. Shares rose almost 9 percent in February through yesterday. "We've had such a big runup in technology," said Michael Lyons, a trader at Morgan Stanley Dean Witter & Co. "People think, 'Okay, I've bought my tech stocks, done everything I wanted to do, now I'm going to get out.'" Copyright 2000 Los Angeles Times eGroups.com Home: http://www.egroups.com/group/marxist-leninist-list www.egroups.com - Simplifying group communications
