Wall Street ends lower as Nasdaq rout persists | Malay Mail

At its lowest point of the day the tech-heavy Nasdaq fell as much as 9.9 per cent from its record high reached on Wednesday and the S&P 500 dipped briefly below its pre-crisis record, reached in February, although it too closed well off session lows. — Reuters pic

“You had a significant sell-off on Thursday, some follow-through in the morning and then we stabilised. The selling was pretty fierce,” said Michael Antonelli, market strategist at Baird in Milwaukee. “We’ve started to see signs of weakness in the last few days, notably yesterday. Then you get a headline like the FT story. That really adds fuel to the fire on the downside,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab in Boston.

“It wasn’t wonderful enough to get the market excited enough that we don’t need any more stimulus. On the other hand it wasn’t weak enough to bring the two sides in Washington together to extend that stimulus package,” he said. Only three S&P sectors ended the day higher including financials which was powered by a 2.2 per cent gain in its bank subsector index.For the week the S&P 500 fell 2.31 per cent after five consecutive weeks of gains. The Dow dropped 1.82 per cent for the week and the Nasdaq lost 3.27 per cent for the week and clocked its biggest two-day drop since March 17 between Thursday and yesterday.

Broadcom Inc gained 3 per cent after the Apple Inc supplier forecast fourth-quarter revenue above analysts’ estimates.

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