Stocks Fall, E*Trade Down by More Than 50%
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Although Citigroup and International Business Machines put in solid gains, they couldn’t stop the Dow Jones Industrial Average from falling below 13,000 for the first time in three months, while nonmember E*Trade Financial was sliced in half, and then some. The industrial average was strong early on, but “the action was just a bounce, and tech continued to be a huge drag,” the president of Heritage Capital LLC, Paul Schatz, said. “But the extreme downside momentum we’ve seen has shown itself in the past to be unsustainable and we’re coming into a seasonably strong period, so my feeling is stocks should soon find footing.”
The Dow Jones Industrial Average lost 56.19, or 0.4%, to 12987.55. The Nasdaq Composite Index fell 43.81, or 1.7%, to 2584.13. The Standard & Poor’s 500 Index lost 14.52, or 1%, to 1439.18. The New York Stock Exchange Composite Index dropped 163.35, or 1.7%, to 9570.04.
