RealTime IT News

ISDEX Follows Market Selloff

Steve Harmon
Senior Investment Analyst

The Dow, Nasdaq, S&P and ISDEX all dropped in tandem today with a broad-market selloff as the world's financial markets debate the economic instability in Russia, whose currency may be undergoing devaluation.

Wall Street believes that the financial 'earthquake' that has hit Asia, Latin America and now Russia slows corporate growth and may especially squeeze corporate earnings at multinationals.

ISDEX was down 6% to 110.61 at midday Eastern time in a broad selloff that echoed the Nasdaq's 4% drop, Dow's 3% loss and S&P 500's 3% decline.

The biggest decliners in ISDEX were the smaller, more speculative issues: Wavephore (NASDAQ:WAVO), down 16% to $6.44 per share; 24/7 Media (NASDAQ:TFSM) off 14% to $9.50 per share; and CMG Info (NASDAQ:CMGI), which owns stakes in several startups, lost 13% to $60.375 per share.