Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months.
The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The Nasdaq Composite plummeted 4 percent to 7,422.05.
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Wall Street struggles for direction after in-line monthly producer prices
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38 minutes ago
Give another couple weeks for sentiments & momentum to work themselves out .... opportunities may be coming ;)
ReplyDeleteEspecially for US stocks .... need to shake out the exuberance like in end-2015/early-2016 before a more sustainable trend can take hold. :)
Tokyo tumbles 4%
ReplyDeleteAsia markets fell sharply on Thursday, with the stock indexes in Shanghai, Shenzhen and Tokyo all tumbling by around 4 or 5 percent. The Shanghai composite saw its worst session since February 2016, according to data from analytics company Wind. In the Greater China region, the Hang Seng index slumped 3 percent.
In Taiwan, the tech-heavy Taiex dropped by 6.31 percent to close at 9,806.11, with shares of lens maker and Apple supplier Largan Precision plunging 9.89 percent. Over in South Korea, the Kospi continued the general trend for the day by tumbling 4.14 percent to close at 2,136.31.