Stocks plunged, extending last week’s smackdown, with Standard & Poor’s downgrade of U.S. credit exacting a heavy toll on already troubled investor sentiment. Financials suffered worst. Tech stocks tumbled, highlighting a broad market retreat sparked by the downgrade. The tech sector’s heavyweights highlighted the slump with shares of Cisco, Hewlett-Packard, AMD, Dell, AAPL, Oracle and Google. Implied volatility surged well above the 40 level on huge volumes. But downside seen limited.
Tuesday, August 9, 2011
Fell sharply
Stocks plunged, extending last week’s smackdown, with Standard & Poor’s downgrade of U.S. credit exacting a heavy toll on already troubled investor sentiment. Financials suffered worst. Tech stocks tumbled, highlighting a broad market retreat sparked by the downgrade. The tech sector’s heavyweights highlighted the slump with shares of Cisco, Hewlett-Packard, AMD, Dell, AAPL, Oracle and Google. Implied volatility surged well above the 40 level on huge volumes. But downside seen limited.
