Monday, 29 September 2008

The Market Crashes!

The Nasdaq has suffered it's biggest drop since April 2000, declining by 9.1%. Getting crushed in this decline was Apple who suffered a massive 17.92% drop in share price today. This is caused by a mixture of a market losing confidence in Apple themselves and a total loss of confidence in tech stocks. In fact today has been a disaster for a number of tech stock with Yahoo dropping to $16.88 per share. When you compare this to the $33+ per share they wanted from Microsoft a few months ago you can see just how far things have dropped. Microsoft themselves have taken a 8% hit today.

This has been a disasterous day for the markets and the Nasdaq has been showing the markets the way down. I can't see this improving anytime soon. Tomorrow is going to be important. The markets cannot be allowed to collapse for a second day or the crash by the end of the week will be felt for months to come.
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