NEW YORK (Pakistan Point News / Sputnik - 19th September, 2020) The rout on Wall Street continued for a third straight week with the technology-laced Nasdaq Composite index leading losses again amid concerns about overvaluation for big tech companies and worries about economic recovery from the COVID-19.
Nasdaq, which lists tech giants such as Facebook, Apple, Apple, Netflix and Google, closed Friday's trade on the New York Stock Exchange (NYSE) down 117 points, or 1.1 percent. It ended a touch lower for the week, adding to the losses of 4.1 percent and 3.3 percent in two previous weeks.
The S&P 500, a barometer for the top 500 US stocks, fell almost 38 points on the day, or 1.1 percent.� For the week, it slid 0.6 percent, extending the 2.5 percent and 2.3 percent losses in two previous weeks.
The Dow Jones Industrial Average, the NYSE's broadest stock indicator, slumped 245 points, or 0.9 percent, on the day. It ended marginally lower on the week, after the 1.7 percent and 1.8 percent losses in two previous weeks.
