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
2000.21 Dec 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.