By Stewart Lewis
(May 23 – 17:30 ET) – Big-name tech stocks got hammered in the U.S. markets today. The NASDAQ composite index closed at its lowest point this year. There’s no macro-economic news driving the trading and investors continue to be worried about further interest rate hikes. Volatility bred by confusion is sending the markets into a state of slow drift, lower and lower, on light volume.
The Dow Jones industrial average fell 120.28 points, today to 10,422.27. The NASDAQ took a deep dive, dropping 199.92 points to 3,164.29.
Canadian stocks were also hit hard. The TSE 300 composite index fell 306.50 to 8986.60 points shortly before the close. Declining issues vastly outnumbered advancing issues 784 to 357. Only 237 issues remained unchanged. Tech stocks took the worst hit. 724 Solutions Inc. continued to be the big loser today dropping $10.35 to $52.35. Nortel Networks fell $4.75 to $74.10.
The CDNX fell 92.7 to 3317.6.
In U.S. investment business news, Merrill Lynch & Co. is investing in an online investment bank that specializes in small to midsize companies. Merrill’s $5 million investment in CapitalKey Advisors Inc. is part of a larger financing package, totalling between $30 million and $50 million. Credit Suisse First Boston has also made a $5 million investment in the company, WSJ.com is reporting.