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Many traders have gone on vacation, and of those that remained, most were selling. That according to CNBC commentators. Renewed inflation worries and a general correction took their toll on stocks today that saw most of the indexes awash in red. According to CBS Marketwatch:
Internet Capital Group and a handful of Nets focused on Business-to-Business e-commerce were snapped up Monday while light volume made for steeper declines in the overall cyber sector.
"The volume is really low and that could exaggerate the movement in these stocks," said James Preissler, an Internet analyst at PaineWebber.
Take for instance America Online. AOL lost 5 13/16, or 5.9 percent, to 93 5/16 on volume of 11.9 million shares. On average, over 20 million shares of AOL traded daily in the past two months, according to MarketHistory.com.
Apple, which actually spent most of the first couple of hours in positive territory eventually joined the rest of the market and closed down. The closing price was 62 1/16, a loss of 2 11/16 or 4.15%. Volume was moderate with 3,005,300 shares trading hands.
All of Apple's PC competition also closed down including Dell, Compaq, Gateway 2000, Hewlett-Packard, IBM, Intel, and our favorite Redmond, Washington company, Microsoft.
The Dow and the Nasdaq reflected this downward trend with both closing down. The Dow closed at 10914.13, down 176.04 while the Nasdaq closed at 2712.69, a loss of 46.21.
Apple
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