Silicon Valley tech stocks that have led world stock markets up since the March 2009 bottom of Great Financial Crisis led markets down on January 15, with the Dow Jones Industrial Average tanking 537 points before recovering to a still nasty 390-point loss.
The tech-heavy NASDAQ Index is off to its worst start in history, down 10.4 percent.
The tech-stock-wipe-out sent Intel plunging 9 percent, Twitter (NYSE:TWTR) dropped 5.58 percent, and Yahoo fell 4 percent. The so called “FANG” was also hit hard, with Facebook (NASDAQ:FB) falling 3.46 percent, Apple (NASDAQ:AAPL) off-2.4 percent, Netflix (NASDAQ:NFLX) down 2.7 percent, and Google (NASDAQ:GOOG) off by 3 percent.
The investor panic that raged in China this summer has spilled over to the United States. In an effort to bail out their insolvent banks and state-owned enterprises, the communist Chinese authorities pushed prices up beginning in early 2013. The effort seemed a success, with prices rising by 150 percent, as the number of individual stock brokerage accounts in China jumped by 1,000 percent. But since June, the prices have fallen 40 percent, despite authorities buying 18 percent of outstanding China shares.