Wall Street plunges on Thursday as tech stocks plummet
Wall Street saw a sharp decline on Thursday after tech stocks retreated from gains made earlier in the day. In addition, signs of a slowdown in the labor market raised concerns about the strength of an economic recovery.
The Dow Jones Industrial Average fell by 1.45% (406 points), while the S&P 500 lost 1.77%. The Nasdaq Composite saw a 2% slump.
Apple Inc’s stocks fell by nearly 3% ahead of the new iPhone launch expected later in the year. Meanwhile, stocks of Facebook, Alphabet, Amazon.com, and Microsoft all were seen falling by roughly 1%.
Investor sentiment further dampened by job growth concerns as the recent wave of COVID-19 stimulus plan dimmed failed to get the votes needed to advance in the Senate, CNBC reported.