The stock market’s late-August recovery didn’t last long.
Just a day after President Trump bragged about the Dow Jones Industrial Average closing over 29,000 points, it turned around and plunged as much as 1,000 points on Thursday before closing 810 down. A major tech selloff sparked the slump, which also hit the Nasdaq Composite and S&P 500 hard.
The Dow’s drop was a 2.87 percent drop from the day before, settling it at 28,292 points. The S&P 500 fell 3.5 percent, or 126 points, to 3,455. And the Nasdaq slid 5 percent, or 598 points, ending up at 11,458. In all, it was the market’s worst day since June. Big tech stocks were largely to blame, with Apple seeing a 7 percent drop, while Amazon, Alphabet, and Microsoft all falling around 5 percent. Thursday was the worst day for Apple and the tech sector as a whole since March.
The major dip came just after the market had its best August since the 1980s, per NBC News. And that extended into this week, with the Dow topping 29,000 for the first time since February and the Nasdaq crossing 12,000 for the first time ever on Wednesday. Kathryn Krawczyk