|
Tech sector plunge drives Dow back to 1997 levels |
|
|
|
Written by Peter Scott
|
|
Tuesday, 24 February 2009 11:54 |
Yahoo and Apple lead the pack
Major losses in the tech sector drove stock indicies further
into the red Monday, and the Dow almost fell under the 7000 mark.
The
Dow currently sits at 7114, a figure last seen in 1997, a time of
dial-up modems, S3 graphics and Pentium MMX CPUs. All things
considered, Tuesday might very well see it close under 7000. Tech
composite index Nasdaq also fell 2.3 percent to 1,408.
Although the financial sector rebounded on the news of the US
government's pledge to provide more cash for the financial system, tech
shares are still on the decline. Apparently investors are starting to
realize that the tech sector is no safe haven in a time of recession,
and selling off tech stocks, which no longer appear to be any safer
than financial stocks.
Among the biggest losers were Yahoo, which dropped 13 cents to $12.01,
following CEO Carol Bartz's announcement of a major reorganization,
while Apple slipped 3.2 percent to 88.25, after it announced it is
moving up its annual meeting, and that its legendary CEO Steve Jobs
would not attend.
Analysts expect the market will be volatile throughout the week, as they
await details on government plans to stabilize the financial system.
The tech sector, however, will apparently have to fend for itself.
|
Mobiles 