Markets tumble on recession news

With the official announcement of a recession, the Dow Jones plummets nearly 700 points. Tech stocks Dell and Qualcomm, meanwhile, take a double-digit hit.

Shares of Dell and Qualcomm plunged by double digits Monday, as the Dow Jones Industrial Average went into a free-fall of nearly 700 points on news that the economy is officially in a recession.

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The Dow closed down 679.95 points, or 7.7 percent, to end the day at 8,149.09, breaking a five-day run at posting gains.

Meanwhile, the tech-heavy Nasdaq fell further, declining 8.95 percent, or 137.50 points, to end at 1,398.07. And the CNET Tech Index dropped 7 percent to 1,014.20.

Despite reports that retailers fared better than expected over Black Friday, PC maker Dell saw its shares give up 10 percent during the regular trading session to close at $10.05 a share.

Shares of Qualcomm dropped nearly 10.8 percent to $29.96 a share at the session's close, and Comcast stumbled 10.9 percent to end the day at $15.45 a share.

About the author

    Dawn Kawamoto covered enterprise security and financial news relating to technology for CNET News.

     

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