Tech stocks and the broader markets received a mild case of whiplash Wednesday, as rate cuts by the Federal Reserve and other central banks around the world prompted a brief run up before stocks gave way to yet another consecutive day of losses.
The CNET Tech Index, which includes the likes of Apple, Cisco, eBay, and others, closed down 15.10 points to end the day at 1,189.15, off 1.25 percent.
The broader markets also posted declines, with the Dow Jones Industrial Average giving up 189.01 points, or 2 percent, to end the day at 9,258.10. The tech-heavy Nasdaq fared a little better, with only a 0.83 percent decline, or 14.55 points, to close at 1,740.33.
Investors remained skittish despite the central banks cutting interest rates. There were hopes that the cuts would instill confidence in consumers and businesses to prompt spending and jump-start the economy.
Some of the companies that were particularly hard hit include Yahoo, which fell as low as $13.20 a share in intraday trading--a level it hadn't reached in five years. The Internet search pioneer closed at $13.76 a share, down 5.62 percent, during the regular trading session.
Dell and cable giant Comcast were also down during the regular trading session, but a few companies were able to post and retain their gains on Wall Street.
Apple gained 6.42 percent to finish the day at $89.79 a share, while chip giant Intel rose 4.17 percent to close at $16.25 a share.
Credit: Susan Dove/CNET News