Tech slump hits Nasdaq - New York Report

A SLUMP in technology and biotechs yesterday sent the Nasdaq to its biggest decline in nearly a year, while the S&P 500 fell through key support levels.

The Dow Jones industrial average fell 292.6 points, or 1.62 per cent, to 17,718.54, the S&P 500 lost 30.45 points, or 1.46 per cent, to 2,061.05 and the Nasdaq Composite dropped 118.21 points, or 2.37 per cent, to 4,876.52.

But Kraft Foods surged 35.6 per cent to $83.17 after a merger agreement with ketchup maker Heinz, owned by 3G Capital and Warren Buffett’s Berkshire Hathaway. Kraft Heinz will trade publicly and will be the third-largest food company in North America. Berkshire class B shares slipped 0.5 per cent to $143.56.

Kofax rallied 46 per cent to $10.95 after Lexmark International, known for its printers, said it would buy Kofax in a £1bn deal.

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