Thursday, October 23rd8.8°C
23711
22952

Traders dump technology stocks, leading to a broad market decline; Nasdaq sinks 2.6 per cent

NEW YORK, N.Y. - Technology stocks are sharply lower as traders dump big-name companies that had made huge gains.

Facebook, Google and Netflix — all big winners over the past year — fell sharply, contributing to a rout in the technology sector. Biotech companies, another recent favourite, also took a beating.

The tech-heavy Nasdaq composite plunged 110 points, or 2.6 per cent, to 4,127, its biggest drop in two months.

Other major indexes fell, but not nearly as much.

The S&P 500 index fell 23 points, or 1.3 per cent, to 1,865. The index traded at an all-time high earlier in the day.

The Dow Jones industrial average lost 159 points, or 1 per cent, to 16,412.

As traders dumped tech stocks, they shifted money into less volatile companies like Coca-Cola, Johnson & Johnson and utility stocks.

The Canadian Press


Read more Business News

23028


Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8897+0.0002
Gold1239.40-6.10
Oil80.08-0.05
Lumber330.40+1.70
Natural Gas3.631-0.028

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 



22970

FEATURED Property
1950029391 Shorts Road
3 bedrooms 2 baths
$899,999
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


23091