Even Google Is Hit: 8% Loss As Market Tumbles

30 09 2008

People who thought that the failed $700bn (£380m) bailout of the banks by the American govenrment was an issue that only affected the finance areas, woke up today a hell of a lot smarter.

The technology-heavy Nasdaq stock market dropped 199.61 points, around 9% of its value, to 1983.73. The drop is recording as the third-largest percentage decline it has ever experienced. Big names like Amazon, Yahoo, Microsoft, Apple, our very own Google came down with it.

By midday Monday, Google [GOOG] traded as low as $395.34, down 8% from its previous close, a stark contrast to the near-$750 peak in November 2007. It was also the first time Google’s share price has dropped below $400 for two years.

Google’s drop was matched by software giants Microsoft [MSFT], while Online retailer Amazon[AMZN] fell more than 10%, while eBay [EBAY] dropped 11%. Yahoo [YHOO] also lost more than 10%.

Google’s G1 rival firm, Apple [APPL], was the biggest loser as its shares fell more than 17%, the company’s fifth-biggest decline in percentage terms.

It would seem that no matter how “untouchable” these giant corporations seem to be, there is always a way in which they are fallible.

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