NEW YORK - Wall Street stocks finished sharply lower on Tuesday , with large tech shares suffering another drubbing in a broadening sell-off that also hit energy and financial companies.The broad-based S&P 500 shed 2.8 per cent to 3,331.84, while the tech-rich Nasdaq Composite Index slumped 4.1 per cent to 10,847.69.
Jack Ablin, chief investment officer at Cresset Capital, said Tuesday's session marked a shift from the dynamic late last week in that the selling went far beyond the tech shares. Unlike last week, US Treasury yields fell on Tuesday, while oil prices fell sharply, indicators of the rising concern, Ablin said.Analysts cited mounting US-China tensions and a stalemate in Washington over another round of stimulus funding as factors in the pullback, along with profit taking following earlier gains.
Major tech companies like Apple and Amazon again suffered deep declines, along with Tesla, which plunged 21.1 per cent after the S&P 500 did not add the electric car company to its index late last week, disappointing investors who had acquired shares in anticipation of the move.
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