News that the oil consortium plans to cut production sent all markets into a nosedive.
The major indexes took a spill Wednesday after OPEC unexpectedly said it plans to cut back on oil production, fueling fears that higher energy costs could hamper a recovery. That news was enough to discourage investors--or at least give them enough of an excuse to start a round of selling.
Tech stocks fell pretty hard following Tuesday's rally. Intel fell 4%, or $1.16, to $27.78; Cisco Systems fell 3.9%, or 83 cents, to $20.32; Microsoft fell 3.9%, or $1.14, to $28.46; Oracle fell 3.6%, or 43 cents, to $11.60; Hewlett-Packard fell 2.2%, or 44 cents, to $19.96; and Amazon.com fell 1.7%, or 83 cents, to $49.61.
The InformationWeek 100 fell 3.5%, or 10.15 points, to 279.86, and the Nasdaq index was down 3.1%, or 58.03 points, to 1,843.69. The Nasdaq-100 tracking stock fell 3.4%, or $1.16, to $33.36, as 106.1 million shares changed hands.
Less-tech heavy indexes also took a hit. The Dow industrials fell 1.6%, or 150.53 points, to 9,425.51, and the S&P 500 fell 1.9%, or 19.65 points, to 1,009.38.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.