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With Air Out Of The Internet Bubble, Profit Warnings Deflate Blue Chips.(A)
By David Saito-Chung
Investor's Business Daily
Corporate America gave Wall Street another dose of profit warnings Tuesday, and investors acted promptly.
But like bad-tasting medicine, the sell-off may bring the sickly stock market a step closer to a recovery.
The Nasdaq dove 6.2% to 1673, its lowest close since October 1998. At 67% off its March 2000 high of 5132, the tech-heavy index is in its worst decline ever.
The S&P 500 dropped 3.4% to 1106, 29% off its March 2000 top. The Dow fell 3% to 9485, as trade on the NYSE bulged. The blue-chip gauge is now 19.3% off its January 2000 peak. One more sell-off would yank this third key index back into bear-market country.
In other words, investors face not one bear, but two. The tech bubble burst a year ago and is still squeezing out the excess gains from that tulip mania-like surge.
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