“Also, a decline in consumer spending in June, as well as more worries about the overall state of the U.S. economy, set investors selling. The Dow Jones Industrial Average gave up almost 266 points, or 2.2%, to close at 11,866 and put in an eighth-straight day of losses,” Crum reports. “The Nasdaq Composite Index recorded an even greater percentage loss than the Dow, falling more than 75 points, or 2.8%, to close at 2,669. The Philadelphia Semiconductor Index shed 3% and the Morgan Stanley High Tech 35 Index gave up 2.5% on the day.”
Crum reports, “Not even passage of the critical debt-ceiling legislation was enough to get investors behind the market…Other tech stocks on the decline included Apple Inc., which gave up almost 2%, Google Inc., down by 2.4%, Amazon.com Inc., which fell 4.4%, Intel Corp., down by 2.3% and Hewlett-Packard Co., which ended the day with a loss of 2.4%.”
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