Business
ASX plunges to 10-week low as US tech rout resumes – Sydney Morning Herald
Investors fled after overheated US mega-caps copped another overnight hiding, while plunging oil prices and a coronavirus vaccine setback pushed the ASX 200 down to its lowest close since June.
However, market watchers arent convinced the slump is a sign of a major market correction.
“When stocks start going vertical, they tend to come down pretty quickly as well,” Quay Globals Chris Beddingfield said.
Munro Partners chief investment officer Nick Griffin said he had taken some capital out of technology stocks in the past week but noted the decline is “more of a speed hump than a change of direction”.
The local technology sector finished in the red but was able to bounce back from ea…
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