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October 5, 2018

Tech giants hit hard

By MARLEY JAY
AP Markets Writer

NEW YORK — Stocks tumbled Thursday as this week's spike in U.S. interest rates rippled through global markets. Investors sold high-flying technology and internet stocks and the Nasdaq composite took its biggest loss in three months.

Strong reports on job gains and the service industry have sent bond prices tumbling over the last two days as traders bet the U.S. economy will keep growing at about its current clip. Government bonds are stable investments that look most appealing when economic growth is shaky, so investors sold those bonds in the U.S. and Europe.


 
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