Summary

Footage Information

ABCNEWS VideoSource
USA: NEW YORK STOCK EXCHANGE WRAP
04/14/2000
APTN
VSAP180360
TAPE_NUMBER: EF00/0422 IN_TIME: 20:40:55 - 21:42:33 LENGTH: 02:32 SOURCES: Shots 1-4, 7-8 = NYSE, the rest = APTN RESTRICTIONS: All No Access Internet FEED: VARIOUS (THE ABOVE TIME-CODE IS TIME-OF-DAY) SCRIPT: English/Nat Stocks plummeted in heavy trading on Friday - with the Dow industrials down a record 616 points and the Nasdaq composite index also taking a record fall of 356 points - as inflation jitters extended Wall Street's selling spree. The Dow Jones industrial average, which fell 201 points on Thursday, at one point tumbled an additional 722 points before coming back somewhat in the final minutes. A government report of an unexpectedly strong rise in consumer prices in March only added to Wall Street's unease. Wall Street's best-known indicator closed down 616.23, or 5.6 percent, at 10,307.32, according to preliminary figures. That surpassed the previous record one-day drop of 554.26 points of Oct. 27, 1997, but was far from a record decline in percentage terms. The slide on Friday left the blue-chip index down 12 percent from its Jan. 14 record of 11,722.98. The Nasdaq composite index didn't fare any better, tumbling 356.74, or by 9.7 percent, to 3,320.04 at the close, according to early calculations, dropping deeper into bear- market territory. SOUNDBITE: (English) "Today is a historic day in the sense that you don't get many crash-type days. We haven't had one of severe magnitude since 1987, of this size. It's a historic day in the sense that you look for certain characteristics of a big drop in the market - illiquidity, stocks just dropping because there's no buyers, it doesn't occur very often." SUPER CAPTION: Barry Hyman, Market Analyst, Ehrenkrantz King Nussbaum Inc. The Nasdaq already had plunged or 17 percent in the first four days of this week, and with the latest decline, the technology-focused average was off 34 percent from its March 10 record of 5,048.62. A bear market is considered a sustained drop of more than 20 percent. Trading volume exceeded two billion shares on the Nasdaq Stock Market and surpassed 1 billion shares on the New York Stock Exchange. Analysts say the most fundamental reason for the drop in high-tech stocks is a growing sense that investors pushed those issues too far last year, when the Nasdaq rose an unprecedented 86 percent. The frenzy for technology stocks gave many young, unproven companies market values they did not yet deserve. But many market watchers were still optimistic that this is only a minor setback, and that technology stocks will continue to drive up world markets. SOUNDBITE: (English) "I think - I don't want to say brainwashing - but I think technology is driving the economy at this point in time, and people are confident that technology is just going to keep advancing, so - I think it's a good thing. I really do. I think we're the market leaders in the world for technology, and I'm betting that we'll be number one going forward." SUPER CAPTION: Ed Wachowicz (Voxpop) A government report on Friday morning of an unexpectedly strong rise in consumer prices in March added to Wall Street's unease. The figures rekindled worries that the Federal Reserve not only would raise interest rates again, but might be more aggressive in trying to cool down the economy. The Fed has raised rates five times since June, each time by a quarter-point in borrowing charges. This has prompted pessimists to warn against investors who are searching for bargains against buying into the market after Thursday's drop. SOUNDBITE: (English) "We heard the repetitive story of, you know, the market goes down, you have to buy. And I think it's irresponsible and it's dangerous. I mean, the investors have been kind of programmed with this mentality, yet we're sitting on an economic situation and a stock market certainly that's the most overvalued by any comparison." SUPER CAPTION: Mike Norman, Publisher "Economic Contrarian Update" newsletter Markets overseas also were broadly lower: Japan's Nikkei stock average fell about 0.5 percent before trading began on Wall Street. In Europe, where trading ended as Wall Street shares were tumbling, key indexes fell 2.8 percent in Britain, 3.2 percent in France and 3.1 percent in Germany. SHOTLIST: New York, April 14, 2000 NYSE 1. Wide shot, interior NYSE, zoom in to man ringing closing bell 2. Close up electronic board at NYSE 3. Wide shot New York city street, pan up to show big Nasdaq electronic board on street NASDAQ 4. Close up electronic board showing closing level of Nasdaq composite index APTN 5. Interior trading floor Ehrenkrantz King Nussbaum Inc. 6. SOUNDBITE: (English): Barry Hyman, Market Analyst, Ehrenkrantz King Nussbaum Inc. NYSE 7. Close up NYSE electronic board 8. Medium shot traders on floor of NYSE APTN 9. Wide shot exterior Nasdaq market site, pan down to pedestrians on street 10. Close up people looking through window into Nasdaq market site APTN 11. SOUNDBITE: (English): Ed Wachowicz (Voxpop) 12. Wide shot people looking through window into Nasdaq market site 13. SOUNDBITE: (English): Mike Norman, Publisher "Economic Contrarian Update" newsletter 14. Close up Nasdaq electronic board, zoom out to show wide shot of board XFA?
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