updated: Wall Street reacted sharply to news that Congress failed to pass a $700 billion bailout bill this morning, sending the Dow Jones Industrial Average into a downward plunge more than 777 points. The tech-heavy Nasdaq, not immune to the financial ripple-effect that stems from the financial crisis, was down more than 9 percent on the news, led by Apple, which took an immediate beating and fell almost 18 percent after brokers cut their ratings. Likewise, Google, Dell, IBM, Microsoft, Yahoo and Intel also saw sharp plunges as the news hit. (Also see: Apple: Is it really recession proof? Wall Street says no)
(Yahoo Finance: Quotes chart after the market close today.)
I've posted some charts of what happened to the stock of some of the big tech companies. Larry Dignan is working on an entry that looks closer at the impact of today's news on the tech sector and will post it soon.