Tag: 3day

Dow rebounds 650 points after 3-day sell-off driven by tech giants



a man standing in front of a computer: Andrew Kelly/Reuters


© Andrew Kelly/Reuters
Andrew Kelly/Reuters

  • US stocks rebounded on Wednesday after a three-day sell-off driven by tech giants led to a more than 10% decline in the Nasdaq composite index.
  • Apple climbed more than 3% after sliding below a $2 trillion market cap on Tuesday.
  • Oil recouped a fraction of the sharp losses experienced on Tuesday, with West Texas Intermediate crude contracts climbing as much as 2.5%, to $37.69 per barrel.
  • Watch major indexes update live here.

US stocks rebounded on Wednesday after a three-day sell-off driven by tech shares led to a more than 10% decline in the Nasdaq composite index.

Leading the markets higher on Wednesday were the same stocks that led the market lower over the past week. Shares of Apple climbed more than 3%, while Tesla jumped roughly 5%.

Apple’s three-day decline ultimately amounted to a 14% skid that pushed its market capitalization below $2 trillion

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The 3-day plunge in US stocks won’t derail the longer-term bull market, JPMorgan technical strategists say



a man wearing a suit and tie: Associated Press


© Associated Press
Associated Press

  • Investors should view the three-day sell-off in stocks that began last week as a short-term setback within a longer-term bull market, JPMorgan said in a note on Wednesday.
  • The decline in the broad indexes led by technology stocks hasn’t violated critical support levels and came as the indexes were in overbought conditions.
  • The absence of euphoric sentiment readings among investors is one more reason JPMorgan thinks the recent market sell-off will be temporary.
  • Visit Business Insider’s homepage for more stories.

The three-day sell-off that began last week is just a “setback within a bull trend,” according to JPMorgan.

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In a note published on Wednesday, JPMorgan said the technicals behind the nearly 10% sell-off in the S&P 500 lacked the traditional patterns found at a market top.

“The absence of trend deceleration, a broad distribution pattern, and/or euphoric sentiment readings” led JPMorgan to view

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