By Julian Goldsmith, 1 September 1998 12:45
NEWS Technology stocks were hit hard yesterday, as Nasdaq fell by 140 points - the biggest ever slide in the exchange's history. The slide was in line with other Western money markets which have recently suffered a series of body blows following crises in Japan and Russia. With confidence already shaky in many technology sectors, blue-chip giants took a hammering as investors became nervous. Shares in Dell dropped by just under 20 per cent from $118.75 to $100 a share. The Internet sector was hit especially badly, shares in AOL fell by 17 per cent, Amazon.com slipped by just under 25 per cent and Excite lost 30 per cent of its value. Networking companies also foundered, with infrastructure heavyweight Cisco losing $12 on its shares. Telecoms equipment providers suffered a similar fate as Lucent posted a loss of $10 a share.
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