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October 12, 2008 4:06:46 PM CDT

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Tech Triggers Big Drop

Posted Jul 9, 08 3:37 PM CDT in Business 

(Newser) – Stocks fell today as investors saw weakness across the economy, particularly in tech bellwethers Cisco and Intel, MarketWatch reports. Oil also rebounded from a two-day fall, trading up 65 cents to $136.69 a barrel. The Dow fell 236.77, closing at 11,147.44. The Nasdaq shed 59.55 to close at 2,234.89, and the S&P 500 lost 29.01, settling at 1,244.69.

Cisco fell 4% after JP Morgan analysts said the firm’s revenue would not grow in the next few quarters. Financials also took a beating, as anxiety persisted over Fannie Mae and Freddie Mac’s available capital despite reports yesterday. "The financial sector has been the lightning rod for the market for almost 12 months now, and that hasn't changed," one trader told the Wall Street Journal.

Sources Wall Street Journal, MarketWatch

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A sign in the lobby of Cisco headquarters in San Jose, Calif. is seen Monday, Nov. 5, 2007.   (AP Photo/Paul Sakuma)
Albert Young, a floor official with H&R Block Financial Advisors, watches the early numbers on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo)
Nachor Alvarez, right, of Bear Wagner Specialists and a colleague watch the early numbers on the floor of the New York Stock Exchange, in this undated file photo.   (AP Photo/Henny Ray Abrams)
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Dow Jones  • S&P 500  • Nasdaq  • oil price  • Citigroup  • Bank of America  • Cisco Systems


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