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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
May 23, 2000
Page
5
Closing prices and quotations provided by Ron Campbell Investment Planning and Raymond James Financial Services. Contact details: (304) 325-7334. Member NASD and SIPC.
New York AP reports that irrational exuberance fuels stock swings from highs to lows within months. Nasdaq rose from 2380.90 to 5048.62 in a year as high tech names surged, some IPOs rose in a day while others lacked earnings. Investors fear mispricing and fear overshadowing facts.
Oklahoma producers recruit released inmates at prison gates amid a national drilling rebound. Alaska pools to train workers while Texas calls back former hands. Rig counts surge from 518 to 849 year over year as oil jobs tighten. Dewey Bartlett Jr notes workers fled after downturn. UTI Drilling reports calling back former employees.
New York stocks closed lower after a volatile day as investors reassessed high tech shares. The Nasdaq fell to a low near 3,172.65 before ending at 3,364.21, down 26.19, while the Dow dropped 84.30 to 10,542.55 and the S&P 500 slipped 6.23 to 1,400.72 amid rising interest rate pressures. Oracle, Microsoft and Motorola shares slid as analysts warned the tech rally may be unwound further.
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