Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall Street falls as tech sells off again, jobless claims still high

share with twitter share with LinkedIn share with facebook
09/17/2020 | 06:01pm EDT
A trader stands outside the New York Stock Exchange in the financial district

U.S. stocks fell on Thursday as technology-related shares slid for a second day and as government data showed high levels of weekly jobless claims.

Amazon.com Inc dropped 2.3% and Apple Inc fell 1.6%, making them the biggest drags on the S&P 500 and Nasdaq. Last week, the Nasdaq's losses put the index down 10% from its closing record, confirming a correction began on Sept. 2.

From the March market lows, "this has been an amazing recovery represented by a few good tech names," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

"They had an incredible last week of August, and I think this is a rational profit-taking scenario at the moment."

Last week, all three major U.S. stock indexes posted a second straight week of declines as investors sold tech-related names that had powered the S&P 500 to record highs in a dramatic rally from the March lows.

Dollarhide said he expects tech-related names to bounce back before the end of the year.

The heavily weighted S&P 500 technology index was down 0.8% on the day, hitting the benchmark index the hardest. The S&P 500 real estate sector and financials also sold off sharply. Real estate was down 2.2% and financials fell 1%.

Adding to concerns about a stalling recovery, the Labor Department's report showed that while fewer Americans filed new claims for unemployment benefits last week, the number remained perched at extremely high levels.

On Wednesday, the Federal Reserve pledged to keep interest rates low for a prolonged period to lift the world's biggest economy out of a pandemic-induced recession.

The Dow Jones Industrial Average fell 130.4 points, or 0.47%, to 27,901.98, the S&P 500 lost 28.48 points, or 0.84%, to 3,357.01 and the Nasdaq Composite dropped 140.19 points, or 1.27%, to 10,910.28.

Fed Chair Jerome Powell laid out a menu of factors - including wage growth, workforce participation and disparities in minority joblessness relative to whites - that must be satisfied before the Fed would view the economy at maximum employment, and even consider raising interest rates.

"Investors love when the Fed lowers rates, because they feel that's good for market," Dollarhide said. "But if the Fed says we need to keep rates low for longer, then people start worrying about the economy itself."

General Electric Co rose 4.4% a day after Chief Executive Officer Larry Culp said the company's free cash flow would turn positive in the second half.

Ford Motor Co gained 3.7% as it said it had begun production of the new generation F-150 pickup truck at its Michigan facility.

Declining issues outnumbered advancing ones on the NYSE by a 1.61-to-1 ratio; on Nasdaq, a 1.36-to-1 ratio favored decliners.

The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 38 new highs and 18 new lows.

Volume on U.S. exchanges was 9.70 billion shares, compared with the 9.47 billion average for the full session over the last 20 trading days.

By Caroline Valetkevitch


Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -5.55% 3033.62 Delayed Quote.73.77%
APPLE INC. -5.86% 108.6748 Delayed Quote.57.09%
DJ INDUSTRIAL -1.32% 26288.23 Delayed Quote.-6.59%
FORD MOTOR COMPANY -2.72% 7.685 Delayed Quote.-15.05%
GENERAL ELECTRIC COMPANY 0.07% 7.375 Delayed Quote.-33.96%
NASDAQ 100 -2.95% 11012.160057 Delayed Quote.32.82%
NASDAQ COMP. -2.74% 10875.633608 Delayed Quote.27.40%
S&P 500 -1.76% 3250.44 Delayed Quote.2.46%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
01:30pCanada increases immigration targets, says they are key to economic recovery
RE
01:30pAnt Group's IPO sees record $3 trillion in retail demand
RE
01:29pJittery Wall Street banks 'war game' the election with drills, client calls, special pollsters
RE
01:21pCOVID tests should play bigger role in international travel - WHO expert
RE
01:17pWealthy creditors give Cuba a pass, but will impose penalties
RE
01:17pWealthy paris club creditor nations waive cuban debt payment -diplomatic sources
RE
01:16pJudge sets Nov. deadlines for U.S. antitrust case against Google
RE
01:16pJ&J plans to test its COVID-19 vaccine in ages 12-18 soon
RE
01:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
01:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
Latest news "Economy & Forex"