Embattled tech stocks drag down rest of market in late-day plunge
By Thomas Heath October 29 at 4:03 PM
U.S. markets staged a sweeping U-turn Monday as a battered technology sector again led the decline after Britain imposed a first of its kind tax on the revenue of tech giants.
The Dow Jones industrial average swung more than 900 points, from 350 points up to more than 500 points into negative territory, wiping out its gains this year as last week’s gyrations carried over to Monday. The nosedive gained momentum during the last hour of trading.
The Dow closed the session down about 250 points, or 1 percent, at 24,443.
“This is the kind of response you see in financial markets when the real economy, profits, wages and growth, becomes more uncertain,” said Douglas Holtz-Eakin, president of the American Action Forum and former economic adviser to the late Sen. John McCain. “And it has become more uncertain from a policy point of view, around trade and the Federal Reserve. People are bouncing around on those. But the global growth outlook has become more uncertain as well. There is a slowdown in some major economies, China, Russia and some of Europe. And the emerging markets are in trouble.”
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https://www.washingtonpost.com/business/economy/embattled-tech-stocks-drag-rest-of-market-down-too/2018/10/29/6dc8a230-dbae-11e8-b3f0-62607289efee_story.html
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