Broad indexes follow Dow's dive Maryland index off 10.17, steepest drop in years

Wall Street

September 01, 1998|By BLOOMBERG NEWS

NEW YORK -- Broad market indexes mirrored the Dow Jones industrial average yesterday, as many of them plunged more than 6 percent and hit lows for the year.

Among those with major declines, the Russell 2,000 index, a benchmark of small capitalization stocks, slumped 20.59 points, or 5.74 percent, to 337.96, continuing a trend of small-cap losses in recent weeks; the Wilshire 5,000 index plummeted 632.31 points, or 6.71 percent, to 8,785.71; the American Stock Exchange composite index dropped 37.51, or 6.22 percent, to 565.07; the New York Stock Exchange composite index lost 31.52, or 6.15 percent, to 480.60; and the S&P 400 midcap index skidded 18.76, or 6.26 percent, to 281.40.

The Sun-Bloomberg Maryland index, which tracks the top 100 Maryland stocks by market valuation, fell 10.17, its biggest one-day point loss in years, to 172.54.

The Nasdaq composite index, filled with computer stocks, was the biggest loser among the major indexes, falling 140.43, or 8.6 xTC percent, to 1,499.25, its worst decline since the crash of October 1987. The point decline was its biggest ever. The Dow average lost 512.61, or 6.4 percent, to 7,539.07 and the Standard & Poor's 500 Index fell 69.61, or 6.8 percent, to 957.53. The Dow average and the S&P suffered their worst declines since October.

Technology stocks, which have propelled the market through most of the decade, led major declines in the Dow, the Standard & Poor's 500 index and the Nasdaq composite index.

While 2,927 companies hit new lows in U.S. composite trading, just 39 rose to new highs.

Dell Computer Corp., Cisco Systems Corp., Microsoft Corp. and Intel Corp. were the most actively traded on U.S. markets. About seven shares fell for each one that rose on the New York Stock Exchange.

Dell fell $18.75 to $100, Microsoft lost $9.3125 to $95.9375 and Intel dropped $5.8125 to $71.1875.

Cisco Systems, which was up 63 percent for the year, lost $12.8125, or 13.53 percent, to $81.875 yesterday. International Business Machines Corp., the world's biggest computer company, fell $9.9375 to $112.625 and Hewlett-Packard Co. dropped $2.9375 to $48.5625.

Coca-Cola Co. fell $7.625 to $65.125; General Electric fell $5.6875 to $80.1875, and AT&T fell $5.3125 to $50.50.

Wal-Mart Stores Inc. fell $6.375 to $59, Home Depot Inc. lost $4.3125 to $38.125 and Dayton Hudson Corp. lost $7.1875 to $36.75.

Among drug companies, Merck & Co. lost $11.4375 to $115.9375 and Pfizer Inc. dropped $8.625 to $93.

The yield on 30-year U.S. Treasury bonds fell to a record low 5.25 percent yesterday.

Pub Date: 9/01/98

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