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July 25, 2008 12:14:13 PM CDT

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Tech Stocks Bring Market Down

Posted Oct 11, 07 4:03 PM CDT in Technology,  Business 

(Newser) – After flirting with record highs earlier in the day, the markets were brought down to Earth this afternoon by falling tech stocks. The likes of Google, Yahoo, and Apple retreated after JPMorgan cut its third-quarter forecast for Chinese search engine Baidu.com. The S&P 500 dropped 8.06 to 1,554.41, its biggest decline in two weeks; the Dow lost 63.57 to 14,015.12, and the Nasdaq 39.41 to 2,772.2.

"Everyone was waiting for someone to blink and when they did people decided to sell and take their profits,'' one trader told Bloomberg. Rosy September reports from Wal-Mart sent stocks up in the morning; the day's lows came after a report that the European Central Bank may need to raise interest rates to keep inflation under control. GM gained 4.9% after UAW members ratified a new contract with the company.

Sources Bloomberg, Wall Street Journal

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NYSE CEO John Thain, second from left, talks to Virgin Mobile USA CEO Dan Schulman, third from left, and Virgin Group Founder and Chairman Sir Richard Branson, right, at the trading post on the New York...   (Associated Press)
Axel Weber (AP Photo/Ted S. Warren)   (Associated Press)
Google (AP Photo/Rene Tillmann, file)   (Associated Press)
A television screen in a booth on the floor of the New York Stock Exchange shows the rate decision of the Federal reserve, Tuesday, Sept. 18, 2007. The Federal Reserve cut a key interest rate, Tuesday,...   (Associated Press)
Scotland's First Minister Alex Salmond, left, is escorted by Jeff Eubank, New York Stock Exchange vice president for global affairs, on a tour of the NYSE trading floor Thursday, Oct. 11, 2007. (AP Photo/Richard...   (Associated Press)
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stock market  • Wal-Mart  • JPMorgan Chase  • tech stocks  • Baidu.com


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