Dow closes more than 500 points lower as tech pressure mounts, Apple slides 4%
Stocks fell sharply on Wednesday, adding to September’s struggles, as tech shares took another leg lower and investors fretted over uncertainty around the coronavirus pandemic and further stimulus.
The Dow Jones Industrial Average closed 525.05 points lower, or 1.9%, at 26,763.13. Earlier in the session, the Dow was up 176 points. The S&P 500 slid 2.4% to 3,236.92 and the Nasdaq Composite pulled back by 3% to close at 10,632.99.
The S&P 500 and Dow are down 7.5% and 5.9%, respectively, for the month. The Nasdaq has dropped 9.7% over that time period. Shares of Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft are all down at least 11% in September.
“Investors are being whipsawed by conflicting COVID headlines and the growth vs. cyclical debate,” said Adam Crisafulli of Vital Knowledge in a note. “The result is sentiment souring on both growth and cyclical for the moment (which obviously means stocks are for sale broadly).”
Reference: CNBC
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