Tuesday’s stock market story is pretty simple. Stocks did little in the morning. Then the Fed cut short-term rates by a quarter point. But the market wanted a half-point rate cut. So investors sold off. Ergo, the Nasdaq Composite, which had rallied 7%, or 178 points, since dropping to 2540.99 at the November 26 close, is now down almost 58 points, or 2.1%, at 2661.13.
Ergo, most tech stocks are now flashing red. Examples:
- Cisco (CSCO), which was up more than a point earlier, is now down 53 cents, or 1.9%, at $28.19.
- Intel (INTC) has reversed course, and is now down 68 cents, or 2.5%, at $27.10.
- Microsoft (MSFT) is off 67 cents, or 1.9%, at $34.09.
- Apple (AAPL), which earlier today hit a new all-time high, is now down $4.75, or 2.5%, at $189.46.
- Dell (DELL) is down 74 cents, or 2.9%, at $24.47.
- Research In Motion (RIMM) is down $4.18, or 4.1%, at $98.20.
- Applied Materials (AMAT) is down 47 cents, or 2.5%, at $18.17.
- Google (GGOG) is down $12.70, or 1.7%, at $706.12.
- Baidu (BIDU) is down $13.31, or 3.4%, at $383.99.
- VMware (VMW) is up (?!) $2.33 or 2.5%, at $95.78.