Tech drags Dow down 405 points, oil prices fall amid crude buildup

Tech drags Dow down 405 points, oil prices fall amid crude buildup

Sept. 10 (UPI) — Tech stocks dragged U.S. markets down on Thursday, as oil prices also fell amid data showing a buildup in crude stockpiles.

The Dow Jones Industrial Average fell 405.89 points, or 1.45%, the S&P 500 dropped 1.76% and the Nasdaq Composite ended the day down 1.72% as tech stocks continue to drive the markets’ fortunes.

Apple stock closed down 3.26%, Amazon stock dropped 2.86%, Microsoft declined 2.8%, Facebook fell 2.1% and Google’s parent company, Alphabet, slid 1.37% after all five stocks rebounded to drive the market higher on Wednesday.

The S&P 500 tech sector has fallen 11.4% from Sept. 2 — when the overall market hit an all-time high — and Tuesday and the S&P 500 overall has fallen 7% in that time.

Oil prices also dropped Thursday as the Energy Information Administration reported that U.S. crude inventories increased by 2 million barrels for the week ending on Sept. 4, its first weekly gain in seven weeks.

West Texas Intermediate crude, the U.S. benchmark, fell 2% to $37.30 a barrel and Brent Crude, the global benchmark, dropped 1.8% to $40.06.

Thursday’s declines came after markets bounced back Wednesday following a three-day losing streak as the Dow climbed 1.6% and the Nasdaq recorded its largest single-day gain since April.

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