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Summary
TAPE_NUMBER: EF01/0272 IN_TIME: 01:23:07 LENGTH: 01:58 SOURCES: Shots 1-3 = NYSE, 4 = NASDAQ, the rest = APTN RESTRICTIONS: FEED: LC SCRIPT: English/Nat xfa Stocks plunged on Wednesday, sending the Dow Jones industrials below 10,000 as a deepening pessimism about the global economy swept across Wall Street. Prices also slumped on overseas markets. The Dow fell nearly 332 points to the 9,958 level in the first half-hour of trading, the first time since October 20th that it has traded below 10,000. The blue chips regained some ground, but were still down 257.97 at 10,037.83 during Wednesday's first hour, wiping out Tuesday's 82-point advance and compounding Monday's 436-point drop. The Nasdaq composite fell 32.01 to 1,982.77, while the Standard & Poor's 500 index tumbled 24.88 to 1,172.78. While sellers have swarmed into the U-S stock market recently, believing that poor earnings and the weakening economy in this country won't recover in the near future, the prospect of economic crises in other countries unnerved investors around the globe on Wednesday. Investors were particularly unnerved by news from Japan on Tuesday, when the government admitted that the world's second-biggest economy is in a state of deflation. Meanwhile, stocks fell hard in Europe, plummeting to 16-month lows. In afternoon trading on Wednesday, the markets in Paris, London and Frankfurt were each off upwards of 3.5 percent. In the United States, while the Federal Reserve has lowered interest rates twice this year and is widely expected to push rates lower again next week, the central bank's actions are not being viewed as aggressive enough to lift the economy out of its slump. There was no safe haven in the Dow on Wednesday as every sector traded sharply lower. IBM was down 1.12 dollars at 97.27 dollars, while Citigroup slumped 2.39 dollars to 46 dollars. Tech stocks extended their long decline. Cisco Systems fell 75 cents to 20.63 dollars, while Intel slipped 44 cents to 28.94 dollars. The two semiconductor companies spurred this week's sharp sell off after warning late last week of poor business conditions, particularly in overseas markets. SOUNDBITE: (English) "It reminds me of the 1998 so-called crisis, which was, I believe, in the Asian currency areas. There tends to be a panic reaction, and urgency to sell and a disinclination to buy which creates a market that has fewer bids than offers, and that tends to drive prices down." SUPERCAPTION: Phil Rettew, Market Analyst, Merrill Lynch SOUNDBITE: (English) "The old money stocks may be a source of money for people who need to sell. If you consider a lot of Nasdaq stocks had already been beaten down through an awful lot of selling, there just aren't that many sellers left there. So if one needs to raise cash, then one needs to go where the cash is." SUPERCAPTION: Phil Rettew, Market Analyst, Merrill Lynch SHOTLIST: New York City, 14 March 2001 NYSE 1. Wide shot pan, interior of NYSE 2. Medium shot, opening bell 3. Close up big board showing DJIE going under 10,000 NASDAQ 4. Close up Nasdaq opening index APTN 5. SOUNDBITE: (English) Phil Rettew, Market Analyst, Merrill Lynch APTN FILE 6. Wide shot Citicorp presser 7. Close up Citicorp logo 8. Close up various shots IBM chips APTN 9. SOUNDBITE: (English) Phil Rettew, Market Analyst, Merrill Lynch 10. Nasdaq board at 10:45 am (EST)?
Footage Information
Source | ABCNEWS VideoSource |
---|---|
Title: | US: Markets: stock markets latest |
Date: | 03/14/2001 |
Library: | APTN |
Tape Number: | VSAP212163 |
Content: | TAPE_NUMBER: EF01/0272 IN_TIME: 01:23:07 LENGTH: 01:58 SOURCES: Shots 1-3 = NYSE, 4 = NASDAQ, the rest = APTN RESTRICTIONS: FEED: LC SCRIPT: English/Nat xfa Stocks plunged on Wednesday, sending the Dow Jones industrials below 10,000 as a deepening pessimism about the global economy swept across Wall Street. Prices also slumped on overseas markets. The Dow fell nearly 332 points to the 9,958 level in the first half-hour of trading, the first time since October 20th that it has traded below 10,000. The blue chips regained some ground, but were still down 257.97 at 10,037.83 during Wednesday's first hour, wiping out Tuesday's 82-point advance and compounding Monday's 436-point drop. The Nasdaq composite fell 32.01 to 1,982.77, while the Standard & Poor's 500 index tumbled 24.88 to 1,172.78. While sellers have swarmed into the U-S stock market recently, believing that poor earnings and the weakening economy in this country won't recover in the near future, the prospect of economic crises in other countries unnerved investors around the globe on Wednesday. Investors were particularly unnerved by news from Japan on Tuesday, when the government admitted that the world's second-biggest economy is in a state of deflation. Meanwhile, stocks fell hard in Europe, plummeting to 16-month lows. In afternoon trading on Wednesday, the markets in Paris, London and Frankfurt were each off upwards of 3.5 percent. In the United States, while the Federal Reserve has lowered interest rates twice this year and is widely expected to push rates lower again next week, the central bank's actions are not being viewed as aggressive enough to lift the economy out of its slump. There was no safe haven in the Dow on Wednesday as every sector traded sharply lower. IBM was down 1.12 dollars at 97.27 dollars, while Citigroup slumped 2.39 dollars to 46 dollars. Tech stocks extended their long decline. Cisco Systems fell 75 cents to 20.63 dollars, while Intel slipped 44 cents to 28.94 dollars. The two semiconductor companies spurred this week's sharp sell off after warning late last week of poor business conditions, particularly in overseas markets. SOUNDBITE: (English) "It reminds me of the 1998 so-called crisis, which was, I believe, in the Asian currency areas. There tends to be a panic reaction, and urgency to sell and a disinclination to buy which creates a market that has fewer bids than offers, and that tends to drive prices down." SUPERCAPTION: Phil Rettew, Market Analyst, Merrill Lynch SOUNDBITE: (English) "The old money stocks may be a source of money for people who need to sell. If you consider a lot of Nasdaq stocks had already been beaten down through an awful lot of selling, there just aren't that many sellers left there. So if one needs to raise cash, then one needs to go where the cash is." SUPERCAPTION: Phil Rettew, Market Analyst, Merrill Lynch SHOTLIST: New York City, 14 March 2001 NYSE 1. Wide shot pan, interior of NYSE 2. Medium shot, opening bell 3. Close up big board showing DJIE going under 10,000 NASDAQ 4. Close up Nasdaq opening index APTN 5. SOUNDBITE: (English) Phil Rettew, Market Analyst, Merrill Lynch APTN FILE 6. Wide shot Citicorp presser 7. Close up Citicorp logo 8. Close up various shots IBM chips APTN 9. SOUNDBITE: (English) Phil Rettew, Market Analyst, Merrill Lynch 10. Nasdaq board at 10:45 am (EST)? |
Media Type: | Summary |