Many of the Priciest Tech Stocks Are Jettisoned In Response to Nasdaq's Big Drop on Tuesday
Global investors spent another day dumping many of the world's most high-priced technology stocks, though by the end of the day there were nascent signs that the selling pressure may be about to ease.</br></br>Much of the selling came in reaction to the Nasdaq Stock Market's 4.1% decline Tuesday, and many analysts believe technology shares globally will remain volatile until the U.S. technology barometer finds traction. The Nasdaq closed down yesterday an additional 2.6%.</br></br>Still, the blue-chip technology stocks in Japan that ignited this week's global selloff appear to have found their footing again with two straight days of gains. Other Asian markets, meanwhile, managed to bounce off their lows and close with minor losses.</br></br>"I think the pullback will be shortlived," said Robert Reiner, portfolio manager at Deutsche Asset Management in New York. "There is still a lot of money on the sidelines waiting to get in."</br></br>In Europe, technology, media and telecom declines dragged down the broader markets, but investors showed selective interest in some Old Economy industrial stocks. Latin American stocks edged higher.