Stock market meltdown continues

Nasdaq followed the downward trend in London today and fell over three per cent on its opening. The Dow Jones Index also dropped as IBM and SAP both lost over four per cent.

Worst hit was CSC, which saw almost a third of its stock market value wiped off off as the markets took revenge for a profits warning late last night. CSC is also making between 700 and 900 people redundant. This ends a grim week - Nasdaq has lost a sixth of its current value in just six days.