NPR's Jim Zarroli reports that the stock market sustained serious losses today, with its key barometer off as much as one hundred thirty-three points at one point. Technology stocks were particularly hard-hit, following computer manufacturer Hewlett-Packard's announcement that it would discontinue making disk-drive components. This news, combined with Motorola's announcement of lower-than-expected earnings and a lower bond market, sparked a sell-off that triggered the Stock Exchange's "uptick rule" that restricts computer-driven sell programs to stabilize the market.
Copyright 1996 NPR