The Dow tumbles 289 points and the Nasdaq falls 152 points. The Nasdaq jumps 168 points but blue chips slip 79 points. New economy fever grips Wall Street as the Nasdaq closes at an all-time high of 5,048. Ralph Acampora, chief technical analyst for Prudential Securities, predicts Nasdaq 6,000. The Nasdaq suffers a record 350-point loss.
Panic selling takes over as investors are forced to dump stocks to meet margin calls.
Largest punitive award in U.S. history. Separately, U.S. District Court Judge Marilyn Patel orders Napster to stop offering access to digital versions of songs whose copyrights are owned by major labels. Intel warns it will miss 3rd quarter sales, citing European slowdown. Separately, Lucent fires CEO Richard McGinn after a string of disappointing earnings reports. Americans go to the polls and wake up to learn that the identity of the new president is still unknown.