Tech losses take a bite out of Nasdaq

The Nasdaq dropped in its third-worst point loss Wednesday as investors abandoned bellwether tech powers.

NEW YORK CBS.MWá-- The Nasdaq Composite logged its third-biggest point decline on Wednesday, shaken as investors abandoned positions in this year's red-hot tech bellwethers such as Cisco Systems and Intel.

Since the tech-driven Nasdaq hit its16th record for the year on March 10, investors have been quick to cash in profits on tech shares. Selling was exacerbated Tuesday after Goldman Sachs investment strategist guru Abby Joseph Cohen said she no longer recommended an overweighted position in the technology sector.

The composite plunged 189.21 points to 4,644.68 on Wednesday, leading some analysts to believe the closely watched sector could be...

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