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Tech Rout Sends Stocks to Biggest Lost Since June
Posted
September 3, 2020
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September 3, 2020
71,012
197
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0.56%
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Sep 3, 20200:45Now PlayingWall Street's euphoria took a break Thursday, as steep losses in technology stocks dragged the rest of the market down with them.
It was the biggest decline for the U.S. stock market since early June, when investors were dealing with a surge of coronavirus infections in places like Florida, Texas and Arizona.
The Dow Jones Industrial Average fell 807.77 points, or 2.8%, to 28,292.73. It was briefly down 1,000 points earlier.
The S&P 500 index lost 125.78 points, or 3.5%, to close as 3,455.06. The technology-heavy Nasdaq dropped 598.34 points, or 5%, to 11,458.10.
There seemed to be no explicit catalyst for the sell-off, with economic data coming in roughly where the market had expected and no companies issuing foreboding warnings.
That said, the market felt due for a breather, investors said. Both the S&P 500 and Nasdaq hit record highs just the day before. Prior to Thursday, the S&P 500 had risen nine out of the previous 10 days.
The stock market has rallied this spring and summer after plunging in March as investors realized the economic toll the coronavirus pandemic was going to cause.
Most of the rally has been on strong performances from tech stocks, but also a hope that the worst of the pandemic is in the past, despite rising infections in schools and the possibility of a second surge of infections in the fall.
Investors will be paying close attention Friday when the Labor Department releases its August job report. Economists surveyed by FactSet forecast that the U.S. economy created 1.4 million jobs in August.
The Dow Jones Industrial Average fell 807.77 points, or 2.8%, to 28,292.73. It was briefly down 1,000 points earlier.
The S&P 500 index lost 125.78 points, or 3.5%, to close as 3,455.06. The technology-heavy Nasdaq dropped 598.34 points, or 5%, to 11,458.10.
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