The US stock market took a severe loss last week as the Nasdaq and the Dow each suffered their largest point drops ever - and the repercussions are being felt here in New Zealand this week. The Nasdaq fell 355.72, a whopping 9.67%, to 3321.06. The Dow dropped 616.23 points, or 5.64%, to 10307.32. Last Friday's nosedive capped four previous days of losses for the Nasdaq, bringing it to its lowest level in months. The index is down 32% from its all-time high, a setback far larger than the 20% figure used to define a bear market.
In New Zealand Christchurch-based EstarOnline, the owner of the e-tailer CDStar cancelled its IPO in reaction to the falling NASDAQ and the performance of Kiwi tech shares - even though it had raised the $10 million it had been aiming for.
What's your opinion on where the stock market - and IT stocks - are heading? Tell us below.
- Read the full stories on the US stock market losses and on EstarOnline.