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 â€” all big winners over the past year â€” 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.
Read more Business News
- Orchardists busy after rainfallPenticton / S. Okanagan
- Ric's workers jobless, homelessKelowna - 5:00 am
- Industrial zone floodedKelowna
- Ennis withdraws parole requestWest Kelowna
|QHR Technologies Inc||1.17||+0.02|
|Anavex Life Sciences||0.25||-0.03|
|Copper Mountain Mining||2.80||-0.02|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.19||+0.01|
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...