Market Wrap-up: Market Stumbles On Interest Rate Fears
The markets started the week off in a slump as investors feared rising interest rates. The Dow sank 50.34 to 10,860.62, while the Nasdaq fell 73.21 to 2619.19. The S&P 500 dipped 9.18 to 1347.76.
Internet companies took a hit today, extending their decline from last week. America Online dropped 8-1/4, or 7.6%, to 99-11/16, after falling 10% last week. Yahoo fell 7.9%, or 11-7/16, to 134 5/16. Other portal sites such as Lycos dropped as well. Lycos declined 6-3/4, or 7.11%, to 88-3/16.
Services companies also performed poorly. EDS and Computer Sciences Corp., both of which are expected to announce earnings this week, fell 2-1/8. EDS closed at 62-3/8, while CSC closed at 67-5/16. Whittman-Hart, a services firm focused on midsize enterprises, fell 10.8%, or 2-3/4, to 22-5/8. The company announced strong second-quarter earnings last week.
Data General, however, climbed 3.6%, or 1/2, to 14-1/2 after announcing its third-quarter results for fiscal 1999, which ended June 26. The company reported revenues of $355.9 million and a net loss of $3.1 million, or 6 cents a share. The results greatly improved from the year-ago quarter, when the company reported a net loss of $155 million, or $3.15 per share, on revenue of $351.3 million.
Other hardware vendors didn't escape the market climate. Hewlett-Packard dropped 2-1/16 to 105 11/16, while IBM was down 1-13/16 to 123.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.