IT stocks fall with broader market on concerns about Greece’s debt woes, reported tech glitch
By APThursday, May 6, 2010
IT stocks fall as market nosedives
SAN FRANCISCO — Shares of information technology stocks fell as much 10.6 percent Thursday as the broader market plunged.
The Standard & Poor’s information technology index fell as low as 335.45 in trading Thursday before recovering to close at 362.78.
In one of the most dizzying half-hours in stock market history, the Dow Jones industrial plunged nearly 1,000 points amid worries about European debt. Stocks fell as worries grew that Greece’s debt woes could hinder a global economic recovery and there were reports that a technical glitch hastened the selling that led to the dramatic drop.
The Dow managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that hearkened back to the turmoil of the 2008 financial crisis.
Shares of the world’s largest software maker, Microsoft Corp., fell 87 cents, or 2.9 percent, to $28.98, while shares of Macintosh computer and iPhone maker Apple Inc. dropped $9.74, or 3.8 percent, to $246.25. Shares of online search leader Google Inc. fell $11.09, or 2.2 percent, to $498.67.
Tags: Dow, North America, San Francisco, United States
