Tech Industry Takes Second Financial Hit this Week

Apple and Google stocks fell for the second time yesterday, despite clawing back numbers lost during a sharp drop earlier in the week.

On Monday the $700 billion bailout was rejected and at close of business, many of the major names in the technology industry had taken a huge hit stocks-wise. Apple stocks had fallen 18 percent, Google shares dipped to below $400 for the first time in two years, dropping 11.6 percent and Microsoft fell 8.7 percent.

Several companies including Apple, Research In Motion and Google saw stocks rise again on Tuesday resulting in speculation that the market would see a rebound ; Apple rose by 5 percent with RIM seeing an increase of 10 percent and Google, 8 percent.

These hopes of a market rebound, or at least hopes that the global economic crisis would have less of an effect on the tech industry were dashed yesterday when companies were again hit by sharp falls in stocks. Google, Apple, Yahoo !, Sun, Ebay and Adobe fell 5.15 percent, 8 percent, 8 percent, 7.74 percent, 8.15 percent and 7.61 percent respectively.

At the end of the week however, the House approved of a revised $700 billion bailout that was less harsh on taxes and interest rates.

Read more about these companies’ financial shortcomings on VentureBeat