NEW YORK – It was down all day long on Wall Street on Wednesday, with the decline accelerating in the last half hour of trading and with the Dow Jones Industrial Average losing 3.15 percent, its worst performance since February, amid a tech sector selloff that spread to other market areas.
At the close of trading, the Dow – representing the top 30 US stocks – had lost 831.83 points, closing at 25,598.74.
In the broader market, the S&P500 Index retreated 3.29 percent to 2,785.68, its fifth consecutive day in the red and its longest losing streak since late 2016.
Meanwhile, the Nasdaq, which contains the most important tech firms on the market, experienced its worst session since mid-2016, losing 4.08 percent, or 315.97 points, and closing at 7,422.05.
The tech sector had its worst day in more than seven years, losing 4.77 percent overall, weighed down by big-name firms like Facebook (-4.13 percent), Amazon (-6.15 percent), Apple (-4.63 percent), Netflix (-8.38 percent), Alphabet (formerly known as Google, -5.06 percent) and Microsoft (-5.43 percent).
The rest of the market sectors also ended up deep in the red, led downwards by communications (-3.94 percent), non-essential goods (-3.74 percent), energy (-3.59 percent), industrials (-3.47 percent) and financials (-3.04 percent).
Public services declined 0.53 percent, and the 10-year Treasury note rose 3.23 percent.
The markets have been nervous in recent days due to positive economic figures released last week by the US government and an interest rate hike by the Federal Reserve because of the country’s generally good economic situation.
In addition, analysts have been cautious regarding quarterly earnings season, which begins this week, and because of anticipated good earnings to be announced by the big companies, with the underlying feeling that those earnings might be “too good.”
Among the 30 Dow stocks, those suffering the most on Wednesday were Nike (-6.81 percent), Visa (-4.77 percent), Boeing (-4.66 percent), along with Microsoft and Apple.
In other markets, West Texas crude fell to $73.17 per barrel at the close, gold rose to $1,197.20 per ounce and the dollar fell to $1.152 against the euro.