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 (AdAge.com, 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.