Wall Street's Rout Extends With US Technology Stocks Down 3% On Wednesday

Wall Street's Rout Extends With US Technology Stocks Down 3% on Wednesday

NEW YORK (UrduPoint News / Sputnik - 24th September, 2020) The rout on Wall Street showed little signs of abating on Wednesday, with the Nasdaq Composite index leading losses again amid concerns about overvaluation for big tech companies and worries about a new wave of novel coronavirus infections in Europe.

Nasdaq, which lists tech giants such as Facebook, Apple, Apple, Netflix and Google, ended down 330 points, or 3 percent.

The Nasdaq has lost almost 10 percent for September, falling from record highs of 12,074.

The S&P 500, a barometer for the top 500 US stocks, fell almost 79 points on the day, or 2.4 percent. The index has lost almost 8 percent on the month, sliding from all-time highs of 3,588.

The Dow Jones Industrial Average, the broadest indicator on the New York Stock Exchange, slumped 525 points, or nearly 2 percent, on the day. The Dow has slid almost 6 percent for September.