“A sharp sell-off on the broad market Wednesday took down the entire tech sector, which pretty much gave up the previous session’s gains by the closing bell,” Benjamin Pimentel reports for MarketWatch.
“The Dow Jones Industrial Average DJIA shed 4.6% to close at 10,720 — making for the third session this month for the key index to fall more than 500 points,” Pimentel reports. “The S&P 500 slid by 4.4% to close near 1,121 as global markets continued to struggle with signs of increasing instability. The Nasdaq fell more than 4% to close at 2,381, with the Morgan Stanley High-Tech Index off by 4.3% and the Philadelphia Semiconductor Index down 2% by the close.”
Pimentel reports, “Large-cap tech shares fell across the board. Those who lost more than 5% by the end of the session included: Hewlett-Packard Co., Microsoft Corp., Dell and Amazon.com. Intel Corp. and IBM Corp. also posted sizeable losses by the close. Apple Inc. closed down about 2.8%, but managed to end the session with a higher market cap than oil giant Exxon Mobil, which has been for years the most valuable company in the world based on market cap.”
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