Traders Take Some Profits

Sat., Sept. 9, 2000

From Staff

Technology stocks plummeted Friday, carrying the rest of the stock market lower, as investors reacting to a series of earnings warnings decided to take profits from the market’s recent rally.

The Nasdaq composite index closed down 100.05 at 3,998.30, according to preliminary calculations.

The Dow Jones industrial average was down 38.11 at 11,221.76 and the Standard & Poor’s 500 index fell 7.87 to 1,494.64.

The declines more than erased the gains made during a tumultuous week on Wall Street, where investors first abandoned tech stocks for blue chips and then completely changed their strategies.

“What we’re doing now is pricing in some measure of an economic slowdown. We’re looking at a fair number of warnings about slowdowns in the third quarter,” said Chris Dickerson, an analyst with Global Market Strategists in Gainesville, Ga.

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Traders Take Some Profits

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