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Dow Loses 35; Nasdaq Tumbles 61

October 21, 1999

NEW YORK (AP) _ The Dow Jones industrial average is down 35 points in today’s early going. Losers on the New York Stock Exchange hold an 8-3 lead over gainers.

The Nasdaq Composite Index is down 61 points and the S&P 500 Index is down eight points.

You can forget that nice, high-tech-led rally we saw yesterday.

Those gains were sparked by a strong earnings report from Microsoft.

But there are new worries in the market today brought on by a Y2K-related warning from IBM.

Big Blue said its current quarter numbers could be hurt by sales weakness tied to Y2K fears.

When IBM opens, it’s likely to contribute some 60 points to the downside for the Dow.

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