Tech Stocks Take a Beating

Tech stocks took a hammering on Tuesday as investors reacted to unease about the economy.
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NEW YORK (

TheStreet

) -- Tech stocks took a hammering on Tuesday as investors reacted to unease about the broader economy. With the

Dow plummeting below 10,000

on concerns about China's growth and dismal U.S. consumer confidence figures, the Nasdaq plunged 3.85%.

Across the board, stock charts have been turning into seas of red, with big-name hardware and software makers feeling the burn.

Shares of

Microsoft

(MSFT) - Get Report

closed down 99 cents, or 4.07%, while

IBM's

(IBM) - Get Report

stock was off $3.89, or 3.02%. IBM rival

Hewlett-Packard

(HPQ) - Get Report

was also mired in negative territory, slipping $1.77, or 3.84%.

Internet giant

Google

(GOOG) - Get Report

, which has recently been making waves with its

popular Android operating system,

also took a hit, and saw its stock dip $17.82, or 3.77%.

Even

Apple

(AAPL) - Get Report

, which is basking in the afterglow of its iPhone 4 launch, headed southward. The company's shares fell $12.22, or 4.55%.

Fresh from launching its first tablet,

networking giant

Cisco

(CSCO) - Get Report

was also weighed down by investor unease, and the company's stock traded down 80 cents, or 3.57%.

Phone maker RIM also had a tough time on Tuesday. Already struggling after the phone maker recently

reported mixed results,

RIM shares fell $2.42, or 4.41%.

Telecom giant

Verizon

(VZ) - Get Report

, however, largely side-stepped the worst of the sell-off. Verizon's shares ended the session down by just 9 cents, or 0.31%, following a

Bloomberg

report that Verizon Wireless will carry Apple's iPhone in 2011, ending

AT&T's

(T) - Get Report

exclusive deal to carry the phone.

AT&T shares closed down 49 cents, or 1.96%.

-- Reported by James Rogers in New York

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