NEW YORK: Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day declines since June as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery.
Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The next big data focus for investors is Friday morning's monthly payrolls report. While S&P and Nasdaq's percentage declines on Thursday were their deepest since June 11, it was the Dow's biggest one-day plunge since June 26.
Sebastian Leburn, senior portfolio manager at Boston Private in Florida, said the decline was"just a rotation" out of technology stocks:"I don't think it's anything ominous."
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