Dow Jones Drops 1.4% After Streak Of Record Highs On Wall Street

NEW YORK (UrduPoint News / Sputnik - 12th May, 2021) The Dow Jones Industrial Average, Wall Street's broadest equity barometer, on Tuesday posted its largest daily drop since February, ending a streak of record highs during which investors rotated from high-flying tech stocks into industrial and leisure stocks cheapened by the coronavirus pandemic.

The Dow lost 1.4 percent, or 472 points, to close at 34,271 as players took profit on its recent gains. It was the index's sharpest one-day correction since February 26, when it lost 1.5 percent.

On Monday, the Dow crossed the 35,000 mark the first time ever, after a week of record highs spurred by the sector rotation on Wall Street.

Despite its correction in the latest session, the broadest US equity benchmark remained up almost 12 percent on the year.

The S&P 500, which groups the top 500 stocks on the New York Stock Exchange, slid 0.8 percent, or 35 points, to close at 4,153.

The tech-heavy Nasdaq Composite index ended virtually flat, conceding just 12 points to finish at 13,389. Nasdaq lost 2.6 percent on Monday for its biggest one-day drop since March 3 as investors sold high-flying growth stocks in technology such as Facebook, Amazon, Apple, microsoft, Netflix and Google to buy those of value in the leisure and industrial sector.