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Article: Dow Average Dives, Ends Day Below 10,000 Level.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 19, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Oct. 19--Another October day, another market surprise.
Moments after yesterday's opening bell, the Dow Jones industrial average plummeted 438 points, crashing through the 10,000 level and hitting its lowest mark in more than 18 months, pushed by the latest corporate earnings disappointment -- this one at International Business Machines Corp.
As if in synch, the Nasdaq Composite Index, already down 20 percent for the year, plunged 188 points.
Meanwhile, the government's monthly inflation report showed higher-than-expected consumer prices, fueling fears about the economy.
But within 30 minutes, the Dow and the Nasdaq both made a U-turn ...