The prospect of the magic 3,000 on the Dow really spooked Wall Street yesterday and the market took one look at it, turned tail and headed south, and by lunchtime in New York the index was off 75 points with IBM off $2.25 at $115.375, having been as low as $114.125, while DEC was off $2.75 at $78.25; other technology stocks were not hard hit, and the picture likely changed substantially by the close – much of the market activity often takes place in the last hour these days; London fell 40 points in sympathy after having been up at 3.30pm.
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