Wall St. sours as tech sell off extends, dismal data stings



by   |  VIEW 1076

Wall St. sours as tech sell off extends, dismal data stings

On Thursday, all three key indices of Wall St. had wrapped up the day broadly lower with tech stocks sliding for the second straight day as US Govt. data had revealed another set of slanderous data including a historically higher level of weekly jobless claim alongside a surprise slump in US housing starts.

In point of fact, Thursday’s faltering of key Wall St. indices was mostly stemmed off a bundle of baleful economic data alongside an extension of sell-off wave of the tech stocks. Notably, US Labour Department said in a statement earlier in the session that the US weekly jobless claims had been harbouring above a historically high of 860,000, while the US Commerce Department was quoted saying that the US housing starts fell by 5.1 per cent last month, which in effect had led to a frostbite in market participants’ optimism.

US stocks totter as dismal data totter tech stocks

Citing statistics, on Thursday’s Wall St. closure, the trade-sensitive Dow fell by 0.47 per cent to 27,901.98 and S&P 500 soured 0.84 per cent to 3,357.01, while the tech-heavy Nasdaq was nudged as much as 1.27 per cent lower to round off the day at 10,910.28.

Besides, on Thursday’s Wall St. wind down, Nasdaq had extended its plunge into a correction territory that began on September 2, as the world’s largest online retailer Amazon.com Inc. had dipped 2.3 per cent and Apple Inc.

shed 1.6 per cent, eventually making them the hardest hit in S&P 500 and Nasdaq. Apart from that, Wall St. had registered its second straight weekly percentage decline last week following a decline in investors’ confidences on high-flying tech stocks what analysts were widely contemplated as utterly overvalued, while the current-week appears to be experiencing an extension of last week’s profit-taking wave.

Meanwhile, downplaying the risks of a further sell-off wave of the tech stocks with Nasdaq moving around a correction territory, Chief Executive of Longbow Asset Management in Tulsa, Oklahoma, Jake Dollarhide said on the day’s Wall St.

wind down, “From the March market lows, this has been an amazing recovery represented by a few good tech names. They had an incredible last week of August, and I think this is a rational profit-taking scenario at the moment”.