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Dow Drops 140; Nasdaq Plunges 107

January 13, 1999

NEW YORK (AP) _ Stock prices have opened sharply lower on Wall Street. The Dow Jones industrial average is down 140 points in today’s early going. Losers on the New York Stock Exchange hold a 10-1 lead over gainers.

The Nasdaq Composite Index is down 107 points -- or more than 4 1/2 percent and the S&P 500 Index is down 12 points.

Stocks are struggling with storm clouds looming over Brazil’s economy.

The president of the country’s central bank has resigned, and the Brazilian currency has slumped amid what appears to be a de-facto devaluation.

The response in global financial markets has been for investors to run and hide.

European market averages have been plunging as much as six percent on the news.

And U.S. Treasury bonds, a traditional source of refuge in uncertain times, have skyrocketed in price.

Telerate reports the price of the 30-year bond is up two full points.

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