“Tech stocks tumbled Monday, as the Nasdaq Composite Index sank 11% in 2011, highlighting a broad market retreat sparked by the downgrade of U.S. debt by Standard & Poor’s,” Benjamin Pimentel reports for MarketWatch.
“The Nasdaq COMP gave up 175 points, or 6.9%, to close at 2,358 on Monday, as the Dow Jones Industrial Average lost 635 points,” Pimentel reports. “The tech sector’s heavyweights highlighted the slump with shares of Cisco Systems Inc. and Hewlett-Packard Co. down hard to become two of the top Dow decliners. Cisco sank 6.7% to close at $13.94, while H-P shed 5.6% at $30.81. Hardware makers were also in the red as shares of Apple Inc., Dell Inc. and EMC Corp. retreated.”
MacDailyNews Take: Apple’s quite a bit more than just a mere “hardware maker.”
Pimentel reports, “Internet companies also posted heavy losses. Google Inc. traded down 5.7% at $546.02, Amazon.com Inc. shed 4.4% to close at $193.70, eBay Inc. slumped 8% at $26.95 and AOL Inc. was off 6.5% at $15.07.”
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