US technology stocks have fallen in value to their lowest level
since March 1999. New York’s Nasdaq stock market yesterday fell 7%
to 2,332.8, down 53% or $3,312 billion from its high on 10th March
2000.
While investors sold stocks in high-tech companies, the effect
was also felt by old economy businesses.
According to one analyst, Alan Ackerman, who spoke to the
Reuters news agency, “Confidence is being trimmed back by the
combustible combination of a slowing US economy, earnings
disappointments and the Fed’s inability to lower interest rates
immediately. The mood is glum and perplexing.”
Knock-on effects have been reported in both the Japanese and UK
markets.
