- The Washington Times - Friday, February 22, 2002

NEW YORK (AP) Sellers resurfaced on Wall Street late yesterday, unloading stocks after the previous session's buying binge. Technology felt the brunt of the selling, and the Nasdaq Composite Index fell to its lowest close since Halloween on a revenue warning from Ciena and a reduced earnings forecast for Intel.

"It's dispirited selling," said Richard E. Cripps, chief market strategist for Legg Mason of Baltimore. "You are not getting any sense that the market wants to go higher."

The Dow Jones Industrial Average closed down 106.49, or 1.1 percent, at 9,834.68, giving up an earlier advance of 88.69. Many analysts doubted the Dow could sustain its rally from Wednesday, when it surged 196.03.

The broader market also finished lower. The Nasdaq fell 59.33, or 3.3 percent, to 1,716.24, the tech index's lowest close since Oct. 31 when it stood at 1,690.20.

And the Standard & Poor's 500 Index declined 17.03, or 1.6 percent, to 1,080.95.

The Dow briefly passed the 10,000 level soon after the Philadelphia Fed reported at midday that activity in the region's manufacturing sector improved in January for the second consecutive month. But the blue chips gave up their gains not a surprising development, considering the market's continuing gloom.

Selling has ruled the market so far this year as investors have been steeped in worries about the economy, earnings and the accuracy of corporate accounting.

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide