Pessimism rules once-euphoric tech sector

Article Abstract:

The Nasdaq composite index has plummeted by 199.66 points to 3164.5 which represents a new low for 2000 and puts the index back to where it was in Nov 1999. Statistics show that its average stock is down 4% from its 52- week high and that almost 75% of its stocks are down at least 30% from their 12-month high. The biggest technology stocks such as Cisco Systems, Qualcomm and Microsoft have also dropped. Observers believe that the market will only start showing signs of life once the Fed stops making interest rate hikes.

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Rate pains put the hurt on high-tech stocks

Article Abstract:

The Nasdaq composite index declined by 200 points to close at 3164.55 on May 23, 2000, which represents its lowest level in 2000. The drop was the eighth biggest in its history although it is not amont the top 10 in percentage terms. Internet 100 index stocks dropped by 8.5% which represents a decline of 23.5% for 2000. The sell-off is attributed to factors, namely, the growing fears of rising interest rates and the dearth of buyers that are willing to buy tech stock.

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Tech rally reverses Monday's sell-off

Article Abstract:

Technology stock prices have gone up as investors flocked back to the beaten-down stocks on Oct 31, 2000, a day after fleeing them in a search for safety. The Nasdaq composite rose 178.23 points, up by 5.6% to 3,369.63 for its 10th-biggest gain in point and percentage terms. Despite the increase, however, the Nasdaq still finished October down 8.3%. The Dow Jone industrials rallied 135.37 points, or 1.2% to 10,971.14, with an overall increase of 3% in October.

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