Nasdaq sinks nearly 2%, and broader stock market, turns negative in a stunning Monday reversal in final hour of trade
The Nasdaq Composite Index has turned sharply negative as the broad-market rally, led by technology and tech-related stocks, unraveled within the final hour of trade Monday afternoon. The Nasdaq Composite Index was down 1.6% at 10,446, but had been up by nearly 2% at 10,824 early in the session; the S&P 500 index was trading 0.7% lower at 3,164 after touching an intraday peak at 3,235.32, briefly erasing its year-to-date losses. Meanwhile, the Dow Jones Industrial Average gave up its solid gains to cut its rally substantially. The Dow was up 0.3% at 26,149, at last check, but had hit a Monday peak at 26,639. News of reclosing in coronavirus ravaged staes, including parts of California, partly helped to derail the day’s strong opening gains.