The Nasdaq plummeted over 280 points, its second largest point loss ever, as investors dumped technology stocks like Microsoft and Intel. Hewlett-Packard, IBM, Intel and Microsoft. The allocation shift was exacerbated by investors disappointed with quarterly earnings from biotechnology leader Biogen as well as a warning of future weakness from telecom equipment maker Motorola. Technology stocks slumped as strategists recommended moving cash into shares of more traditional areas including the energy and finance sectors. The Dow, in response to that advice, gained 75 points on the day.
More Markets are more volatile than ever.