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Breaking News

Nasdaq, Dow Regaining Some of Day's Losses

Aired April 4, 2000 - 2:30 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: Well, the numbers on the markets are still down, but nothing like they were earlier. We want to join once again our sister network, CNNfn.

RHONDA SCHAFFLER, CNN CORRESPONDENT: ... drug stocks, for instance, and some of the cyclicals. The broader market still very weak: Decliners over advancers by a 3-to-1 margin, and we still have some nervous traders watching the market's gyrations. The Dow trading in a 700-point range so far, and this day is not over with yet.

For a lot more market coverage, we're going to go back to the studio now for more details on the sell-off.

PATRICIA SABGA, CNN ANCHOR: All right, thanks very much, Rhonda Schaffler, at the big board. And we...

(CROSSTALK)

... the Nasdaq marketsite now, where we've seen a dramatic recovery. We're down 118 points still on the Nasdaq, but it is considerably better than the 574-point drop that we saw earlier in the day.

We now join our colleague John Metaxas for the very latest on what's happening there -- John.

JOHN METAXAS, CNN CORRESPONDENT: In fact, over the last hour and 10 minutes we're up about 10 percent or 11 percent on the Nasdaq. We're up some 450 points off the lows. We had been down 573 points. Right now, we're down only 122 points at 4,100.

And on the downside, we've gone today through 4,200, 4,100, 4,000, every 100 mark past 3,700. We're on our way back.

Let's take a look at some of the most active stocks. Cisco Systems, which is now the largest stock on the Nasdaq by virtue of Microsoft's sharp declines, is now actually up on the day. It had traded as low as $63, now trading at 73 1/4.

Microsoft is down $3. It's up about $2 and change off its lows at 87 3/4.

Oracle, which had been a sharp decliner, down more than 10 percent at one point, trading as low as $65, now at 74 and change. It's down only two.

Dell Computer down 7/8. It had been down at the 48 level, now up to 52.

And take a look at this move in Sun, trading as $71, 71 3/4, now down at 89 and 13/16, down only 5/16.

So, that gives you a little bit of an idea of the kind recovery we've seen here in the Nasdaq. We still have -- the advance-decline line is in negative territory right now. Decliners ahead of advancers.

Tremendously strong volume. We've got 2.2 billion shares changing hands. And you can't see it right now, but outside the window here on Times Square, the people are lined up watching at what is a historic day at the Nasdaq. At its lows, we were down more than 13 percent. That would have been the biggest percentage loss every in Nasdaq history, but it looks like that's not to be. And a lot of people are at least wiping their brows over that one.

That's it from the Nasdaq. We're down 131 at 4,092.

LOU WATERS, CNN ANCHOR: John Metaxas in New York. We'll continue closely following that story.

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