Google Leads Tech Stocks Sharply Lower
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Google (NASDAQ: GOOG) was just one of many problems for the tech sector on Tuesday, as stocks neared a return to their November lows amid worries that government rescue efforts won't be enough to stop a worsening global economic slide.
Google lost 4.2% on a ThinkEquity downgrade on online advertising weakness, and broader market indexes fell just as much on news of a double-digit contraction in the Japanese economy and weakness in European banks.
The Dow Jones Industrial Average ended the day less than a point above its Nov. 20 closing low.
Sirius XM (NASDAQ: SIRI) was among the very few winners, soaring 52% after Liberty Media saved the company from bankruptcy.
HP (NYSE: HPQ) slumped 4.3% ahead of its results due out after the close on Wednesday.
Micron (NYSE: MU) and Applied Materials (NASDAQ: AMAT) led a very weak chip sector, which fell 6.7%.
Baidu (NASDAQ: BIDU) lost 4.6% on an RBC downgrade.
Even stocks like Cypress Semi (NYSE: CY) that are expected to do well amid the Obama administration's solar energy push ended the day lower.
The Nasdaq lost 63 to 1470, the S&P 500 fell 37 to 789, and the Dow plunged 297 to 7552. Volume rose to 7 billion shares on the NYSE, and 2.4 billion on the Nasdaq. Decliners led by a 34-3 margin on the NYSE, and 23-4 on the Nasdaq. Downside volume was 95% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 17-331 on the NYSE, and 1-225 on the Nasdaq.