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22nd of October 2018

Economy



Dow Jones DROPS by 300 points - shares in tech giants Amazon, Microsoft, Intel fall

The sharp decline in stocks was led by a fall in shares across several of the world's largest technology giants.

This afternoon saw shares in Intel and Microsoft drop by more than 2.5 percent, while Amazon shares fell by more than 2 percent and Netflix saw a decline of 3.6 percent.

Shares in Facebook and Apple also fell more than 1 percent each.

The 10-year Treasury note yield traded around 3.23 percent a day after hitting its highest level since 2011.

The two-year yield soared to its highest mark since 2008.

Jeremy Klein, chief market strategist at FBN Securities, said: “Portfolio managers tend to move to the sidelines in a skittish tape out of fear of suffering from a quick and sharp pullback.

“The fundamental environment, though, remains supportive of share appreciation.

“I contend that the concerns of rising interest rates are largely overblown.

“Specifically, I do not anticipate much more of an increase in longer dated Treasury yields.”

Bank shares were boosted as yields rose, with Citigroup and Bank of America seeing gains of 0.4 percent and 0.3 percent, respectively.

Dow Jones is a stock market index that shows how 30 large, publicly owned companies based in the US.

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