Even Microsoft felt the effects of a severe economic downturn as its shares fell 8.7 per cent. Microsoft general counsel Brad Smith begged the House of Representatives to "reconsider and support legislation that will reinstill confidence and stability in the financial markets".
Other companies that fell victim included Dell, whose shares declined 9.4 per cent Monday, HP, 6.8 per cent and Oracle, by 9 per cent.
Trip Chowdhry of Global Equities Research told investors that a number of Silicon Valley companies will struggle in the face of a continuing economic downturn. Chowdhry also noted that high oil prices were dragging down the US economy and forcing consumers to reduce their budgets for tech purchases.
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