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August 24, 2015

US tech stocks hit hard in early trading on Nasdaq and NYSE

Google, Apple, Facebook, none spared as shares plunge

By CBR Staff Writer

The global stock sell off prompted by Chinese investor flight which began Monday morning did not spare the tech sector as New York Stock Exchange and Nasdaq opened sharply down.

Google was off by 4.1% in early trading reaching $587. Apple’s share price hovered around $100 continuing its woes after falling below $100 per share on Friday before rallying – today Monday it is down by just over 5%.

Microsoft suffered a 3.9% reduction to around $41.4. Facebook was down 3.4% o $83 and Yahoo! being slammed by 6.6%.

Worst hit was Alibaba which dropped 8.7% reported investor advice site Seeking Alpha.

The Dow Jones industrial average dropped 1000 points as the market opened before a bounce clawed back 500 of those.

Tech heavy stock market Nasdaq was down 5%.

In London the FTse dropped over 5% by close of trading with £80bn being wiped off the value of shares.

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