Stocks Extend Declines, Led Lower by Tech Shares

Stocks Extend Declines, Led Lower by Tech Shares
Spread the love

U.S. stocks tumbled Thursday as a wave of selling spread beyond the technology sector, taking down swaths of the market.

The Dow Jones Industrial Average dropped around 300 points, or 1%, after closing Wednesday at an all-time high. The S&P 500 shed 1.4%, and the Nasdaq Composite lost 2%.

Stocks’ momentum has faltered the past week as investors have faced a sharp and swift rise in bond yields. Money managers have broadly attributed the shift to bets on the economy picking up, something that should be a boon to corporate profits. But the swiftness with which yields have moved has also had another effect: It has tempered enthusiasm for more richly valued, risky parts of the market.

Investors rushed out of some of the hottest stocks of the year, sending shares of companies…



Original Author

Please follow and like us:
editor

editor

Live Updates COVID-19 CASES
RSS
Follow by Email