|Editions | myCNN | Video | Audio | Headline News Brief | Feedback||
Dow Drops Below 10,000Aired March 14, 2001 - 9:44 a.m. ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: This is one of those cases where you wish you'd been wrong, right?
DARYN KAGAN, CNN ANCHOR: Absolutely. When we were doing a commercial break there, the Dow did what Christine Romans predicted it would do: It went below 10,000. You can see right now it's down 300 points. It's been open only 14 minutes -- the markets have been open only 14 minutes.
Let's go ahead and check in with Christine at the New York Stock Exchange for the latest.
Christine, there's your 9,989 number.
CHRISTINE ROMANS, CNN CORRESPONDENT: And there it is, down 301 points on the Dow Jones industrial average here. You've got the transportation index lower; the utility index lower; brokerages and financial stocks trading lower; even, sometimes, drug stocks -- which can get a safe-haven kind of bid as people try to park their money some place that is seen, you know, as impenetrable in a slowing economy or a slowing market -- moving lower here. Retailers are lower. All across the board, we're seeing losses.
In fact, let's talk about the volume here: 90 million shares in just 15 minutes, and 87 million of those are down volume. Only two million of those trading on the upside. So you're seeing a big selling impetus here, The Dow challenging and breaking through that 10,000 mark.
Now, a lot of traders here have been telling me, Daryn, that that 10,000 might be a very important litmus test for how the market responds, whether it can bounce off of there. If it can't, maybe that's going to incite more selling.
Also, the techs are very, very weak here, the Nasdaq down 74 points. 1,939 is the level there. It continues to be very, very weak. You have 3.8 percent, almost four percent, on the Nasdaq, trading lower here today. So as a lot of people said and have suspected when we saw the futures sell a bit lower, it is panning out here into a very big selloff.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
|Back to the top|