Earnings Warnings Send Stocks Lower

Fri., Dec. 15, 2000

From Staff

Weary investors sold off stocks Thursday on earnings warnings from two major banking companies, sending blue chip and technology stocks down sharply.

A gloomy forecast from Microsoft after the market closed increased Wall Street’s anxiety and pulled other tech issues lower in extended-hours trading. The software maker was off 6 percent at one point.

The Dow Jones industrial average closed down 119.45 at 10,674.99, after falling as much as 178 points earlier in the session.

The Nasdaq composite index slid 94.26 to 2,728.51.

Chase and J.P. Morgan, which are merging to form one of the nation’s largest banking companies, issued a joint fourth-quarter earnings warning Thursday, citing higher expenses and a difficult capital markets. The companies added that they will cut up to 5,000 jobs.

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Earnings Warnings Send Stocks Lower

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