DAX closes lower after US tech selloff hits German chipmakers

The German stock index DAX closed lower on Thursday, erasing earlier gains that had pushed it to a record high of 26,685 points, following a sharp selloff on US markets. The index fell 0.4 percent to 26,325 points as a US tech stock rout, led by a more than five percent drop in the Nasdaq, hit chipmakers. Infineon lost over eight percent, while other German tech stocks fell between nine and 14 percent. The decline came after the DAX had risen over five percent in the past two weeks, breaking out of a sideways range between 25,000 and 25,600 points that had persisted since early autumn.