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October 18th, 1999

[4:00 PM] The Apple Stock Watch: The Stock Market Feels for a Bottom, AAPL retraces $1 5/16 closing at $73 1/4
by Wes George

The Nasdaq continued the downtrend it started a week ago today closing at 2688.83 down 43. At one point the Nasdaq was down almost 100 points, but cut that loss by more than half in a late afternoon rally.

The Dow fared better closing up 96.57 at 10116.28. The Dow's rally today, after the 630 plus point drop last week, was hindered by low volume. The Nasdaq suffered a decided loss as it closed at 2689.15, down 42.68.

Many investors sat the day out waiting for tomorrow morning's release of the Consumer Price Index (CPI) for September before jumping back in. The CPI represents the amount of inflation in the cost of consumer goods, a strong surge will be further incitement to the Federal Reserve to raise interest rates.

The various tech sectors were among the hardest hit in today's Nasdaq sell off. Apple closed down 1.84% to $73 1/4, a loss of 1 5/16, after being down $3 points. Among the Apple related stocks Adobe was one of the few bright spots as it closed higher by 1/4. Macromedia, and Symantec bother closed lower. Apple's PowerPC partners were mixed as Motorola closed higher and IBM ended the day on a negative note.

On the PC front, Microsoft, Intel, Dell, Compaq, Gateway 2000, and Hewlett-Packard all closed lower.

For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. We also have many of these same quotes reported live (20 minute delay) on our home page. For other stories regarding Apple's stock activity, visit our Apple Stock Watch Special Report.


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