S&P 500 reverses gains and closes lower as tech sells off, Nasdaq falls 2%
The S&P 500 gave up earlier gains and closed in the red Wednesday as tech stocks sold off, continuing a market rotation out of high-flying growth names.
The market suffered an ugly close where the declines in technology shares accelerated, dragging down the major averages in a rapid fashion in the final minutes. The S&P 500 fell 0.6% to 3,889.14 after rising as much as 0.8%. The tech-heavy Nasdaq Composite dropped 2% to 12,961.89, closing at its session low. Apple, Facebook and Netflix all slid more than 2%, while Tesla fell 4.8%.
The Dow Jones Industrial Average dipped into the red in the final seconds of the session, closing 3.09 points lower at 32,420.06. The blue-chip benchmark jumped more than 300 points at its session high.
Reference: CNBC
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