Nasdaq slumps on Alphabet blow, S&P snatches another record closing high


by   |  VIEW 192
Nasdaq slumps on Alphabet blow, S&P snatches another record closing high

On Tuesday, the 30th of April, Wall St. closed the day mostly lower, after witnessing a heavy tottering of Google-parent Alphabet followed by a revenue miss and a plunge of Apple Inc. shares, however, S&P 500 extended gains and posted another record closing high.

At Tuesday’s (April the 30th) market wrap-up, two out of three key indexes of Wall St. had ended the day higher, while S&P 500 posted a modest gain of 0.10 percent to 2,954.83, eking out another record closing high, and Dow Jones Industrial Average added 0.15 percent to 26,595.91.

Meanwhile, Nasdaq was heavily plummeted after Alphabet had failed to gain momentum following a revenue miss and Apple Inc. had also contributed to the downfall of tech-heavy Nasdaq Composite. At the market closure, Nasdaq was 0.81 percent down to 8,095.39, while technology sectors had shredded off 0.57 percent of their earlier gains.

In point of fact, Alphabet Inc. shares were snapped as much as 7.5 percent during the intra-day trading, after the company had revealed its slowest revenue growth in three years. Besides, the Google-Parent had been on track for their worst decline since early January 2012, while Apple Inc.

had ended the day down by 1.93 percent to $200.67. Despite Tuesday’s (April 30th) heavy battering, citing an out-and-out optimism over the tech stocks in the wake of a sooner-than-anticipated Sino-US trade deal and a more-likely downbeat tone of Federal reserve, a senior vice president at BB&T Wealth Management in Birmingham, Alabama, Bucky Hellwig said, “The big negative today are questions with regard to some of the large tech stocks.

Alphabet’s gotten slapped, and Apple is down. But all in all, things for the market are looking pretty decent: a friendly Fed, low rates, growing earnings. It doesn’t get much better than that”.