The US stock market closed sharply lower on Thursday due to the sell-off of technology stocks
The US stock market closed sharply lower on Thursday due to the sell-off of technology stocks, with the S&P 500 index hitting its biggest daily decline in nearly a month.
U.S. stocks fell sharply on Thursday as investors dumped technology stocks that led the market due to mixed results and there are more and more signs that the new crown pandemic is worsening, which may aggravate the deep economic recession.
A technology industry supervision organization reported that Apple is facing consumer protection investigations in multiple state, the market sell-off has intensified after the announcement.
The S&P 500 Index fell by more than 1%, ending the previous four-day streak, and setting the largest single-day percentage drop since June 26. The three major U.S. stock indexes all fell, and the decline in momentum stocks such as Apple, Microsoft and Amazon brought the biggest drag on the stock index. Apple closed down 4.6%.
“Growth stocks and value stocks are indeed inconsistent, and the gap has begun to narrow,” Stephen Massocca, senior vice president of Wedbush Securities, said, "There is also a significant gap between large-cap stocks and small-cap stocks, and we see that the gap is also narrowing."
As of the close, the Dow Jones Industrial Price Index fell 353.51 points, or 1.31%, to close at 26652.33 points; the S&P 500 index fell 40.36 points, or 1.23%, to close at 3235.66 points, and the Nasdaq Index fell 244.71 points, or 2.29%, to close at 10461.42. point.
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