Tech Stocks No Longer Immune To Credit Crunch

Tech Stocks No Longer Immune To Credit Crunch

Investors taking comfort in the fact that tech stocks have been relatively unscathed in the recent slide will have to look elsewhere for consolation.

The Nasdaq composite just had its worst two days of the bull market, a 4.6% drop capped by a 53-point plunge to 2696 Thursday. It could have been far worse: Earlier the Nasdaq was down 101 points.

It's a startling development because tech, which had been relatively immune to problems caused by the credit crunch and the weak dollar, is beginning to feel the pain from other areas of the economy. Cisco Systems fanned those worries when it warned late Wednesday that some big customers were slashing spending.

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