Tech Stocks Ride Wall Street's Roller-Coaster, 11th-Hour Rally

It was the first time in four years that the Dow closed below 10,000, a threshold first crossed in 1999.

K.C. Jones

October 6, 2008

2 Min Read
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Tech stocks were battered Monday, along with the rest of the market, before a rally cut losses and pushed some major tech company stocks back into positive territory.

All 30 blue chip stocks in the Dow Jones Industrial Average dropped Monday as the market set a new record for a one-day point drop of 800 points and suffered a five-year low before closing at 9,955.50. The steep drop and subsequent 11th-hour rally made for another breathtaking day on Wall Street.

The close marked a decline of 369.88 points or 3.6% for Dow on Monday. It was the first time in four years that the Dow closed below 10,000, a threshold first crossed in 1999. The Nasdaq Composite Index fell 4.3% to close at 1862.96.

EBay dropped more than 11% with the day's low at $16.70 before recovering to close out with a 5.54% drop at $17.89. The Internet auction site announced early in the day that it planned to cut 1,000 jobs, or 10% of its workforce. EBay also announced plans to buy two Danish advertising sites in addition to the online billing company, Bill Me Later.

Its main competitor,, fell 2.64% to $65.23.

Apple shares plunged to $87.54 before rebounding to close in positive territory at $98.14, up 1.10% from the previous day's close.

BlackBerry device maker Research In Motion fell 2.13%, with shares trading at $59.66 just before the closing bell.

Online job site Monster closed in positive territory, up 6.01% to $14.81 a share. Juniper Networks was another bright spot, closing up 1.83% at $18.90.

Microsoft fell 5.36% to close at $24.91, and IBM fell 2.73% to close at $100.62 per share. AMD was down more than 6.6% to $4.23 a share. Cisco dropped 3.72% to close at $20.46.

Yahoo and Google were down -- 4.31% and 4.06%, respectively -- after the companies disclosed that they planned to hold off on a joint advertising agreement while the U.S. Department of Justice weighs the deal's potential impact on the search advertising market.

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