Tech Stocks Plunge For Second Straight Day After Trump Win

By Markets MarketWatch Pulse

Tech stocks sold off sharply for the second consecutive day Thursday following the Republican sweep of the White House and Congress. The heavily tech-weighted NASDAQ Composite dropped nearly 80 points, or 1.7%, while the Technology Select Sector SPDR Fund , whose biggest holdings include Apple Inc. and Alphabet Inc. , fell 2.6%, and the PowerShares QQQ Trust , another popular tech-sector ETF, fell 2.5%. Those declines came despite an 80-point rally for the Dow Jones Industrial Average and a 9-point decline for the S&P 500 . Among the biggest decliners were Google, down 4%; Apple, down 3.2%; and Microsoft Corp. , down 3.5%. Shares of Tesla Motors Inc. , Advanced Micro Devices Inc. , Netflix Inc. and Qualcomm Inc. all fell around 5%. President-elect Donald J. Trump warned of a tech bubble during his general-election campaign, and said that he would force companies that manufacture most of their goods in China - especially common among electronics makers - to move business back to the U.S.

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