Nasdaq crashes below 3,000

Nasdaq screen numbers have been getting smaller

The decline in the value of technology stocks passed a new landmark on Monday - as America's Nasdaq index fell below 3,000 points for the first time in more than a year.

That is 40% lower than its peak in March.

Or to put it another way, $2,500bn has been wiped from the combined value of companies listed on the Nasdaq since 10 March.

The Nasdaq stock market is home to most of America's large and emerging technology, internet and telecoms companies.

Its composite index is therefore seen as a fair reflection of the general value of shares in companies in those sectors.

By mid-morning in New York the index was down more than 100 points - or more than 3% - to 2,916 points.

The last time it ended a trading day below 3,000 was on 2 November 1999, when it finished at 2,981.6.

It is more than 40% below the high point for the years, of 5,048.6, reached on 10 March.

The on-going uncertainty over the results of the US presidential election combined with the worse than expected results from Hewlett Packard provided the latest downward push for the market.

Recent weeks have seen a succession of falls prompted by worse than expected results from tech firms.