Dow hovers off lows as tech stocks continue descent
The Dow hovered off of lows on Thursday after the tech sector retook some lost ground. However, it still remained deep in negative territory as market sentiment dampened due to bleak economic data and signs of slowdown in global recovery from the COVID-19 pandemic.
The Dow Jones Industrial Average lost 0.63% (177 points), with the S&P 500 following similarly with a 0.63% drop. Meanwhile, the Nasdaq Composite slumped by 1.56%.
Big tech firms continued its downward slope, with Facebook leading the decline after losing more than 3% in its stocks. Apple, Microsoft, Amazon.com, and Alphabet also fell.
Adding to the bleak outlook was weaker-than-expected figures for unemployment claims in the U.S., reading at 860,000 on a seasonally adjusted basis for the week from September 12, according to the Department of Labor.