Markets Drop On Likelihood That Interest Rates Will Rise Soon And Fast - InformationWeek

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6/9/2004
05:04 PM
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Markets Drop On Likelihood That Interest Rates Will Rise Soon And Fast

Shares of technology companies were among the hardest hit in the selloff. Intel, PalmSource, and Dell all fell more than 1%.

The major indexes headed south Wednesday, breaking a four-session streak, thanks in part to signs from the Fed that interest rates could be raised soon and significantly.

Tech shares fared poorly. Motorola fell 2.4%, or 49 cents, to $19.89; Intel fell 2%, or 59 cents, to $28.40; Nokia fell 2%, or 28 cents, to $14.05; PalmSource fell 1.9%, or 32 cents, to $16.83; Dell fell 1.4%, or 48 cents, to $34.87; and Microsoft fell .5%, or 13 cents, to $26.47. The Nasdaq 100 tracking stock lost 1.4%, or 52 cents, to $36.58, on unspectacular volume of 97.4 million shares.

At the bell, our InformationWeek 100 had fallen 2%, or 6.5 points, to 317.94, and the Nasdaq index was down 1.6%, or 32.92 points, to 1,990.61. The Dow lost 0.6%, or 64.08 points, to 10,368.44; and the S&P 500 lost 1%, or 10.89 points, to 1,131.29.

See the full listing of all the companies in the InformationWeek 100 and the top 5 percentage winners and losers for the last closing at informationweek.com/stocks.

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