Election uncertainty causes big sell-off

Technology stocks plunged yesterday, dragging the Nasdaq index down more than 5 per cent, in a big sell-off amid uncertainty over the US presidential election.

The tech-heavy Nasdaq was down 169.77 points (5.3 per cent) at 3,030.58 at the closing bell. The blue-chip Dow Jones industrials slumped 230.17 points (2.12 per cent) to 10,604.08.

The broader Standard and Poor's meanwhile slumped 34.16 points (2.44 per cent) to 1,365.98.

Dell Computer triggered selling after lowering its sales growth for next year to 20 per cent, much lower than its historical sales performance. On the bond market, the yield on the 10-year bond eased to 5.795 per cent from 5.808 per cent on Thursday and to 5.871 per cent against 5.854 per cent.