By Gavin Adamson
(February 11- 17:00 ET) – Blue chip stocks tumbled today, continuing to feel the pressure of higher interests rates. For once,the high tech sector followed, in absence of any optimistic earnings reports.
The market drop was broad. The Dow fell by 218.42, to 10,425.21. The S&P dipped by 29.72 to 1,387.11 and the Nasdaq deflated by 90.11 to 4,395.52.
Computer shares like Cisco, Intel, and Dell slipped. Microsoft lost US$4 3/4 on a report that as many as one in four Windons 2000 customer may experience difficulties installing the new operating system. Pharmaceuticals, which had seen a run up lately, dipped as well.
In Canada, the TSE lost 170.12, dropping to 9,150.88. Gold and forest stocks lost some of the value they’d gained earlier in the week. Stalwarts like BCE and Nortel also shed share price points.
The lone gainer was CDNX. It jumped 58.15 to 3,311.19.