Saturday, September 23, 2000
Blue chips recover amid high-tech sell-off
The Associated Press
NEW YORK — A revenue warning by computer chip giant Intel Corp. sent tech stocks tumbling worldwide Friday, though blue-chips staged a late recovery to push many markets into positive territory by the end of the day.
The Dow Jones Industrial Average — which boasts Intel as one of its 30 components — bounced back after being down as much as 144 points in early trading to finish up nearly 82 points to 10,847. Meanwhile, the tech-heavy Nasdaq composite index attempted to stage a similar recovery, but the 214-point deficit it accumulated in early trading Friday proved too much to overcome. The Nasdaq finished down 25 points to 3,803, while the S&P 500 fell less than half a point to end at 1,449.
Intel finished down $13.55, or 22 percent, to $47.94, leading several other tech companies lower, including Microsoft Corp., Dell Computer Corp. and Cisco Systems Inc.
The tech sell-off in the United States mimicked actions overseas.
Selling snowballed in Asia as investors reacted to Intel's forecasts of weaker demand in Europe for high-tech products, as well as higher oil prices. Semiconductor shares were hardest hit.
In Tokyo, Asia's largest market, high-tech shares such as Fujitsu and Kyocera led the decline in the benchmark 225-issue Nikkei Stock Average. It shed 492.80 points, or 3.02 percent, to end the week at 15,818.25.
Taiwan's Weighted Price Index plunged 308.81 points, or 4.5 percent, to close at 6,612.09, the lowest in 18 months.
European stock markets recovered from the early technology stock sell-off.
London's FTSE-100 Share Index closed up 0.1 percent, at 6,205.9. Frankfurt's Xetra DAX Index rose 0.5 percent to 6,719.86.
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