Dow Loses 800 Points As Tech Shares Plummet

The Apple logo in Shanghai on May 9, 2019. MUST CREDIT: Bloomberg photo by Qilai Shen.
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Stocks dropped sharply Thursday, pushed downward by plunging share prices of major technology companies that had driven most of the stock market’s pre-pandemic rally and subsequent rebound.

A day after the Dow Jones Industrial Average broke 29,000 for the first time since February and the S&P 500 and Nasdaq composite set new record highs, the Dow closed with a loss of 808 points, falling 2.8 percent on the day after losing more than 1,000 points shortly after noon.

The S&P 500 closed with a loss of 3.5 percent and the Nasdaq plummeted 5 percent

Shares of Apple fell as much as 10.3 percent for its worst day since March. Shares of Tesla plunged as much as 10 percent while shares of Zoom fell as much 10.7 percent. Alphabet, Microsoft, Netflix and PayPal also all took heavy losses.

Read more at The Hill.




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