News Burst: Oil price fears hit tech stocks
Published: 13 Oct 2000 08:12 BST
Share prices took a hammering Thursday, reacting to increased tension in the Middle East and profit warnings from major high-tech companies.
The Nasdaq closed down 94 points, or 2.9 percent, at 3,074 points Thursday evening, its lowest point this year. America's Dow Jones Industrial average lost 3.6 percent to close at 10,033 points, its lowest level since March 2000.
In early trading the UK's FTSE 100 was down 31.7 at 6,100, and the Techmark 100, the index of the UK's biggest tech stocks, lost 46 points and fell to 3,355.
Markets fear oil supplies could be disrupted by the tensions in the Middle East. Tech stocks are nowhere near the levels reached before their crash earlier this year and analysts are increasingly sceptical about investment in this sector.
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