Nasdaq's continued fall takes it to record low

NEWS The Nasdaq hit record lows as the US markets failed to rally from Monday's slide, ending the day at 1555.08, the lowest close since October 1998. Tech stocks made an initial rally after Oracle made a strong profits forecast, but much of the gains were later erased. The prospect of large contracts to rebuild infrastructure damaged in last week's attacks also boosted the technology sector. Oracle itself ended up 37 cents at $11.38, Microsoft closed up 2.66 per cent at $54.32, AT&T climbed 4.45 per cent at $18.30, and Verizon rose 3.82 per cent to $51.70 Rambus also soared on the news of a five-year licensing deal with Intel, closing at $7.76. Airlines and aerospace companies were the worst hit, with other travel, hotel and insurance services also suffering. The Dow Jones industrial average closed down 17.3 points at 8,903.4, its lowest close since December 1998.