Stock Prices Tumble

Sat., Jan. 29, 2000

Stocks staged a sharp decline Friday as fresh inflation news sparked a wave of “sell” cries on Wall Street, with banks, industrial and technology companies bearing the brunt of the bad news.

The Dow Jones industrial average tumbled 289.15 points, or by 2.6 percent, to 10,738.87, according to preliminary numbers, led lower by General Electric, General Motors and J.P. Morgan. That selling spree brought the week’s loss to 512.84 points and left the Dow at its lowest level since Nov. 11.

An underlying worry of many investors is expectations that the Federal Reserve will raise interest rates when it meets next week, and again later in the year, curbing business expansion by making it more expensive to borrow money.

The Nasdaq composite index suffered its second-biggest point drop ever as investors dumped shares of the usual favorites like Qualcomm, Intel and Oracle. The broad market indicator, the Standard & Poor’s 500, also fell.

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Stock Prices Tumble

Jesse Tinsley

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Molly Quinn

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