US stocks fall sharply on OPEC cut

The technology-dominated Nasdaq composite index suffered its biggest one-day point loss in nearly 15 months today after Opec’s surprise decision to cut oil production sent stocks tumbling. The Dow Jones industrials plunged 150 points.

News that oil producers were lowering their output by 3.5% from November exacerbated a sell-off which was already under way on Wall Street.