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CNN Today

Nasdaq Plummets Nearly 500 Points

Aired April 4, 2000 - 1:08 p.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

DONNA KELLEY, CNN ANCHOR: We want to check in on the numbers and see what's happening with the markets, and particularly the Nasdaq today.

Let's check in with John Metaxas. He is there -- John.

JOHN METAXAS, CNN CORRESPONDENT: We are in the midst of some furious selling of the Nasdaq stocks right now. The combination of the legal decision against Microsoft yesterday and some nervousness about the levels of the Nasdaq stock has helped send the index down. We are now down nearly 500 points, a loss of 487, at 3736. This is, by far, the worst point loss in Nasdaq history, eclipsing yesterday's point loss.

As you can see the action here, we had a sell-off at the beginning, buyers stepped in, sent it higher. A sell off again, buyers stepped in and sent it higher. That is a step pattern down. It's because investors are looking for a level where some of these stocks may be good buys. But the buying evaporates very quickly and we're in the steep sell-off.

Let's take a look at some of the big names: Cisco Systems losing more than 10 percent. Some of the brokerage houses making some good comments about Cisco, but not enough to send that stock higher today.

Microsoft is down less than some of the other big-caps. It had its big decline yesterday, but it is down more than 5 1/2. And we have a couple of brokerage houses putting a strong buy on Microsoft. But that's not enough to get that stock moving higher.

And Oracle, a big loser, down about 12 percent right now, $9.50, at 67 1/4.

We are now at a level where we are down more than 20 percent from the highs on the Nasdaq. Some would call that a bear market, but it is a very significant decline. We are also down on the year on the Nasdaq, eclipsing the level around the 4000 level where we started the year. And we are looking now to possibly go below the lows for the year, which were 3715, but we have a ways more to go.

What's happening here in the final few hours is that the buyers are not stepping in. It's a seller's market. Back to you.

KELLEY: All right, John Metaxas, thanks very much. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com

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