Technology-heavy Nasdaq flirts with breaking closely watched bullish trend line in Friday stock-market rout
The Nasdaq Composite Index (COMP) was seeing losses accelerate early Friday, putting the technology-heavy index closer to breaching a short-term bullish trend line for the benchmark. The Nasdaq, at last check, was trading at 10,916, off 549 points, for a decline of nearly 4.7%, extending two days of losses, which have put the equity gauge within striking distance of falling beneath its 50-day moving average at 10,858.73. Market technicians and chart watchers use 50-day and 200-day moving averages to track the short-term and long-term trends in an asset. The moves for the Nasdaq Composite come as the Dow Jones Industrial Average (DJIA) was off 450 points, or 1.6%, at 27,851 and the S&P 500 index (SPX) was trading 2.4% lower at 3,370. On Thursday, the Dow ended with a loss of 807.77 points, or 2.8%, at 28,292.73, after dropping more than 1,000 points at its session low. The S&P 500 closed 125.78 points lower, down 3.5%, at 3,455.06. The Nasdaq Composite tumbled 598.34 points, or 5%, to end at 11,458.10. The declines marked the biggest one-day drops for all three indexes since June.