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Nasdaq, Dow Creep Back After 'Panic Sell-Off' on Wall StreetAired April 4, 2000 - 1:51 p.m. ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL TUCKER, CNN ANCHOR: I'd like to welcome our CNNfn viewers and our CNN viewers as well. We have comprehensive coverage of the markets today.
One comment on that screen coming back: You saw the Nasdaq down better than 300 points. That's well off its session lows. At its worst, the Nasdaq was down 574. So we're seeing a little bit of comeback there.
PATRICIA SABGA, CNN ANCHOR: So we're also seeing a comeback in the Dow at this hour.
Right now, the Dow Jones Industrial Average off 193 points. It had been down as much as 504 points earlier in the session.
Let's go over to the New York Stock Exchange where Rhonda Schaffler is standing by.
Now, Rhonda, earlier you said that you heard some of the guys down there on the floor describing this as a panic sell-off, which is a word that they're reluctant to use. Is anybody sort of backing up and are nerves calming a little bit there? Is everybody waiting to see especially what that last hour of trading is going to bring today?
RHONDA SCHAFFLER, CNN CORRESPONDENT: At the moment, I mean, there's a little bit of a breath of relief here that the markets were able to come back from that very fast and furious drop. The speed at which the markets sold off very, very dramatic.
At the moment, with the Dow down close to 200 points, there is some sense of relief. There is some buying out there, too, as far as what's bringing the market back. We're seeing a lot of strength in pharmaceutical stocks, which are often seen as flight-to-safety stocks since they have pretty steady earnings growth. We're also seeing buying, for instance, of food stocks and some metal stocks. Gold is moving higher today.
It's still considered pretty early in the trading day, so, for now, if the Dow can get itself together and hold itself together around this level, there would be some relief. What people don't want to see is for the selling to pick up again and then accelerate in that final hour of trading.
And, keep in mind, when the Nasdaq was at its worst level of trading, down 13 percent, had that sort of sell-off occurred here, trading would have actually been halted for a brief period of time. There would have actually been a circuit breaker put in place to halt the selling. The market did it on its own, and so, for now, traders feeling somewhat relieved. But it's a nervous situation. We've got more than a billion shares traded. Yesterday, we didn't hit that level until after the bell rang. So it's very active, hectic trading, and of course a very quick-moving day in the markets.
LOU WATERS, CNN ANCHOR: Rhonda Schaffler in New York. As our sister network, CNNfn, continues to follow the story of the falling markets today. We'll, of course, keep close with that story.
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