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The stock markets lost record numbers in heavy trading March 12, as tech companies Yahoo!, Cisco Systems and Intel warned the economic slowdown will affect them well into the year.

The Dow Jones Industrial average suffered its fifth-largest one-day point loss, dropping 436.40 points to close at 10,208.20; all 30 stocks in the index closed down. The Nasdaq market dropped to its lowest level in more than two years, closing down 129.4 at 1,923.38 and the Standard & Poors 500 index officially entered bear market territory, closing down 53.12 to 1,130.80 or 23% off its all-time high.

Losses were widespread among agencies, media and marketers. The biggest loser among agencies was MarchFirst, which lost 13.89% of its stock price to close down $0.16 at $0.97. The troubled Internet professional services firm announced earlier in the day the resignations of its chairman-CEO, president-chief operating officer, and executive vice president-client services (, March 12).

Omnicom Group lost 5.29% to close down $4.85 at $83.50; Interpublic Group of Cos. was down 4.89%, off $1.84 to close at $35.77, and WPP Group American Depository Receipt shares were down 1.75%, losing $1.06 to close at $59.63. True North Communications, which reported results today, dropped 1.55%, losing $0.55 to close at $37.55. ADRs of Publicis Groupe and Havas Advertising were down 5.32% and 4.20%, respectively; Publicis dropped $1.85 to close at $32.90, and Havas lost $0.63 to close at $14.25.

Copyright March 2001, Crain Communications Inc.

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