Stock market today
A selloff for the US stock market today.
“Stocks plunged Thursday, as Wall Street gave back gains after capping off yet another record-setting session a day earlier.
The Dow slid more than 944 points, or 2.5%, as of 3:03 p.m. ET. The broader market sold off, with the S&P 500 down 4% and the Nasdaq down more than 5.5% as big tech shares including Amazon (AMZN), Apple (AAPL), Microsoft (MSFT) and Facebook (FB) each sold off.
While there was no immediate trigger, the session’s moves represented a stark reversal from the bullish tone seen at the beginning of this week.
The selloff “could very well be the start of the inevitable Nasdaq correction, but no one has any way of knowing that,” noted David Bahnsen, chief investment officer, California-based The Bahnsen Group. “So far, the move downward is rather hum-drum and immaterial.”
He added that a pullback was “understandable” given that “The Nasdaq has advanced violently since March and many names are at absurd valuations.”
Both the S&P 500 and Nasdaq ended the regular session Wednesday at their highest-ever closing levels. The broad rally lifted stocks and sectors that had been underperforming so far during the pandemic, with the utilities, materials and real estate sectors leading advances in the S&P 500 on the day. The Dow spiked above 29,000 for the first time since February and came within 500 points of its all-time record level, before sharply reversing these gains on Thursday.”
Stock market today at the close
S&P 500: 3,455.06,-125.78(-3.51%)
Dow 30: 28,292.73,-807.77(-2.78%)
Russell 2000: 1,541.50,-50.79(-3.19%)