Monday, September 22nd8.8°C
23284
22768

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

21337


Recent Trending




Today's Market

 
Okanagan Companies

 



23481

FEATURED Property
15408481957 Kane Rd
2 bedrooms 2 baths
$257,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Is this a fair offer from ICBC?

“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...

_








Member of BC Press Council


22632