Telecom-related stocks plummeted Monday as the major averages reached multi-year lows following more fears of the spreading credit crisis.
Fears of a
heated up over the weekend as leaders from France, Germany, Italy and the U.K. met Saturday and agreed to coordinate efforts to prevent failures in Europe's financial system.
Despite having a
in place, fear swept over Wall Street that financial markets would seize, affecting any company that depends on banks to keep floating money.
Investors quickly fled from equities to the so-called safe haven of credit markets, sending shares lower. The
Dow Jones Industrial Average
fell below the 10,000 threshold for the first time in nearly four years and both the
were down more than 4% each.
Handset makers were hit especially hard, as
was falling 8% and
Among high-end device makers,
Research in Motion
gave back nearly 10%,
was losing 9% and
was down 6%.
Network equipment makers also saw shares slide dramatically.
tumbled 5% and
was off 3%.
U.S. wireless carriers were also losing ground.
gave back 4.2%,
fell 4.1% and
, meanwhile, fell 1.7%.
Cable and satellite operators were also hit hard.
dropped nearly 14%,
was down 5.9% and