Another brutal day for tech stocks
The Dow dips below 10,000, and the Nasdaq drops below 1,800 before staging a late day comeback. SAP shares lead the decline, following an earnings warning.
Updated at 1:20 p.m. PDT with closing stock prices.
Tech stocks took another beating on Monday, although shares recovered somewhat in the final two hours of trading.
The Dow Jones Industrial average was down more than 700 points in mid-day trading, but recovered to close at 9,955.50 points, down 369.88 points, or 2.6 percent. The Nasdaq, meanwhile, dropped below 1,800 points, before closing at 1,862.96, down 84.43, or 4.3 percent. The CNET Tech Index closed Monday at 1,267.87 , down 63.1 points, or 4.7 percent.
Several major indexes, including the Dow and Nasdaq, traded at multiyear lows during the session, while the CNET Tech Index was at its lowest point since 2006.
SAP, whichthat its third quarter sales fell below estimates as business spending on software dropped, saw its shares off more than 15 percent, changing hands near the close at $39.76, down $5.89, or nearly 13 percent.
AMD, Palm, and RIM were all down double digit percentages for part of the day, though all the stocks managed to pare those losses significantly before trading closed. Google shares closed at $369.14, down $17.77, or 4.6 percent. Microsoft shares closed at $24.91, down $1.41, or more than 5 percent.
Yahoo shareholders, meanwhile, have even more reason to resent management that rejected Microsoft's $33-per-share offer. Yahoo shares closed Monday at $15.19, down 81 cents, or about 5 percent.
Apple was among the rare companies to end in positive territory, closing regular trading $98.14, up $1.07, or 1 percent.
I talked about the stock drop on today's CNET News Daily Debrief, above.