Tech stocks fall for second consecutive day
Published: 08 Oct 2008 10:00 BST
After a whiplash session on the markets a day earlier, investors were treated to another harrowing ride on Tuesday, with the Dow Jones industrial average plunging more than 500 points.
The steep sell-off seems to be partly a reaction to comments from Federal Reserve chairman Ben Bernanke, who issued a warning on Tuesday that the economic malaise could very well continue through the next year.
At the end of the trading day, the Dow closed down 508.39 points at 9,447.11, marking its fourth-consecutive day of losses and a second day where the Dow ended below the 10,000 mark.
And the tech-heavy Nasdaq performed just as poorly, falling 108.08 points to end the session at 1,754.88. The S&P 500 also took a beating, ending the day down 60.66 points to 996.23.
In the tech sector, Microsoft closed down 5.98 percent to $23.42 a share; Cisco Systems was down 7.14 percent to $19 a share; Apple was down 8.9 percent to $89.41 a share; and Network Appliance took the largest hit with a 12.2 percent decline to $12.95 a share.
Meanwhile, the CNET Tech Index, like the broader markets, fell more than five percent. It fell 72.43 points to 1,204.24, or 5.67 percent.
Credit: Tech stocks tumble for a second straight day from CNET News
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