Tech Stocks Plunge Again
Updated from 4:04 p.m. EST
The selling accelerated in the final minutes of the day. The Dow Jones Industrial Average sank 223.55 points, or 1.69%, to 13,042.74, and the S&P 500 dropped 21.07 points, or 1.43%, to 1453.70. The Nasdaq Composite plunged by 68.06 points, or 2.52%, to 2627.94.
"There were not a lot of people willing to go long into the weekend," said Larry Wachtel, senior market analyst with Wachovia Securities. "It looked like with financials firming up we'd have a better final hour, but the market simply faded. There wasn't any other trigger for the late-day decline. We've had a big correction, so now it's a bottoming process that will lead us into next week."The major averages notched a second losing week in a row. The Dow lost 4%, and the S&P 500 closed down 3.8%. The Nasdaq suffered the most, tumbling more than 6.5%. Breadth was weak and volume was heavy heading into the weekend. On the New York Stock Exchange 4.44 billion shares changed hands, as decliners toppled advancers by an 8-to-3 margin. Volume on the Nasdaq reached 2.95 billion shares, with losers beating winners 2 to 1.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV