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July 9, 2008 4:35:18 AM CDT

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Techs Lead Stocks' Tumble

Posted Nov 8, 07 3:48 PM CST in Business    Most Covered

(Newser) – Technology concerns led a second consecutive down session on Wall Street today. Stocks headed south as Cisco Systems reported slowing demand and Federal Reserve chief Ben Bernanke told Congress the economy will "slow noticeably" in the fourth quarter, and  continue to be hobbled by the housing crisis into the new year. The Dow was down 33.73 to 13,266.29, the Nasdaq 52.76 to 2,696.00, and the S&P 0.85 to 1,474.77.

Oracle, Apple, and even Google joined Cisco in the downturn, Bloomberg reports. Bernanke, in testimony before the Joint Economic Committee, also warned of the possibility of increased inflation. The one-two punch of murky prospects for financials and weak demand from consumers make things tough for the markets, say analysts. "That combination is hard to make any headway against," says one manager.

Sources Bloomberg, Wall Street Journal, CNN, Financial Times (UK)

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Federal Reserve Board Chairman Ben Bernanke discusses the economic outlook while testifying on Capitol Hill in Washington, Thursday, Nov. 8, 2007, before the Congressional Joint Economic Committee. (AP...   (Associated Press)
Federal Reserve Board Chairman Ben Bernanke gathers his notes on Capitol Hill in Washington, Thursday, Nov. 8, 2007, after testifying before a Joint Economic Committee hearing on the economic outlook....   (Associated Press)
Traders work on the floor of the New York Stock Exchange on Thursday, Nov. 8, 2007 in New York. Stocks extended their losses Thursday after Federal Reserve Chairman Ben Bernanke warned he expects a raft...   (Associated Press)
The New York Stock Exchange is seen on Thursday, Nov. 8, 2007. Stocks extended their losses Thursday after Federal Reserve Chairman Ben Bernanke warned he expects a raft of economic troubles will cause...   (Associated Press)
Traders work on the floor of the New York Stock Exchange on Thursday, Nov. 8, 2007. Stocks extended their losses Thursday after Federal Reserve Chairman Ben Bernanke warned he expects a raft of economic...   (Associated Press)
Traders work on the floor of the New York Stock Exchange on Thursday, Nov. 8, 2007. Stocks extended their losses Thursday after Federal Reserve Chairman Ben Bernanke warned he expects a raft of economic...   (Associated Press)
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