Dow Plunges 1,100 Points in Widespread Sell-Off Led by Tech Stocks

Posted 54 days ago


Stocks fell sharply in U. S. markets on Thursday morning, led by the technology and consumer discretionary sectors.

The Dow Jones Industrial Average fell by 1,100 points, or around 3.2 percent, in morning trading. The S&P 500 dropped 3.7 percent. The tech-heavy Nasdaq Composite plunged five percent. The Russell 2000 index of smaller companies fell 4.38 percent.

The declines in the major indexes were more than enough to erase Wednesday’s gains. Stocks soared after Federal Reserve chair Jerome Powell signaled that interest rate increases larger than 50 basis points were not being considered by Fed officials.

The Nasdaq’s decline is the worst since June of 2020.

All 11 sectors of the S&P 500 were down. The worst performing was consumer discretionary, which dropped 5.6 percent. Within the sector, automobile stocks were down 6.98 percent and internet and direct marke... (Read more)