Stocks fell in volatile trading on Thursday amid renewed pressure in shares of major tech companies. Conflicting messaging on the coronavirus vaccine front and uncertainty around further stimulus also weighed on sentiment.
The Dow Jones Industrial Average slid 130.40 points, or 0.5%, to 27,901.98, snapping a four-day winning streak. The 30-stock average fell as much as 384.45 points, while briefly turning positive during the wild session.
The S&P 500 dropped 0.8%, or 28.48 points, to 3,357.01. The Nasdaq Composite fell 1.3%, or 140.19 points, to 10,910.28. The tech-heavy benchmark briefly dipped back into correction territory, down 10% from its all-time high.
“The market had gone up too much, too fast and valuations got to a point where that was more noticeable than before,” said Tom Martin, senior portfolio manager at GLOBALT. “So now you’re seeing the market correct a bit.”
“The question now is whether this is the kind of