Bengaluru — Wall Street's main indices tumbled on Thursday, heading for their worst day since June as investors dumped high-flying technology-focused stocks, while economic data highlighted concerns about a long and difficult recovery.The five stocks, deemed stay-at-home winners during the coronavirus crisis, account for nearly a quarter of the S&P 500's market capitalisation and have driven the stock market's narrow technology-led recovery from the pandemic lows hit in March.
"Some of the stocks have gotten a little pricey, and what the actual cause is to spark this selloff is difficult to say," said Randy Frederick, vice-president of trading and derivatives for Charles Schwab in Austin. Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained strong. The closely watched monthly payrolls report is set for Friday
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MARKET WRAP: Rand weakens as ECB comments halt recent euro rallyThe JSE closed slightly weaker on the day, with banks faring worst, while food producer Libstar lost ground on disappointing interim results
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