NEW YORK (Pakistan Point News / Sputnik - 05th September, 2020) Technology stocks led Wall Street's worst week in months with the Nasdaq Composite Index posting its largest decline for a week since March while peers S&P500 and the Dow Jones Industrial Average both suffered their deepest setbacks since June.
"While many investors will likely buy every dip, with fading fiscal support, risks remain that we could see this unwind last a little longer," said Ed Moya, stocks analyst at New York brokerage OANDA.
The Nasdaq, which has been the New York Stock Exchange's darling over the past few months, forerunning the US economic recovery from the COVID-19, fell 1.3 percent on the day and 3.3 percent on the week to close at 11,313. Just earlier this week, the index, populated with tech giants such as Facebook, Amazon, Apple, Netflix and Google, rose above 12,000 for the first time to touch a record high of 12,074.
The S&P 500, a barometer for the top 500 US stocks, fell 0.8 percent on the day and 2.3 percent on the week to close at 3,427. It hit an all-time high of 3,588 this week.
The Dow Jones Industrial Average, the NYSE's broadest stock indicator, slid 0.6 percent on the day and 1.8 percent on the week.
