SOURCE / ECONOMY
US stocks plunge as tech leads losses
Published: Sep 04, 2020 11:17 AM

Pedestrians walk past the New York Stock Exchange (NYSE) in New York, the United States, Sept. 3, 2020. U.S. stocks plunged on Thursday, as a steep sell-off in tech shares dragged down the market. The Dow Jones Industrial Average fell 807.77 points, or 2.78 percent, to finish at 28,292.73. The 30-stock index shed more than 1,000 points, or about 3.5 percent, at the lows. The S&P 500 fell 125.78 points, or 3.51 percent, to end at 3,455.06. The Nasdaq Composite Index sank 598.34 points, or 4.96 percent, to 11,458.10. (Xinhua/Wang Ying)


 
US stocks plunged on Thursday, as a steep sell-off in tech shares dragged down the market.

The Dow Jones Industrial Average fell 807.77 points, or 2.78 percent, to finish at 28,292.73. The 30-stock index shed more than 1,000 points, or about 3.5 percent, at the lows.

The S&P 500 fell 125.78 points, or 3.51 percent, to end at 3,455.06. The Nasdaq Composite Index sank 598.34 points, or 4.96 percent, to 11,458.10.

Shares of Apple and Microsoft dived 8 percent and 6.2 percent, respectively, leading the laggards in the Dow.

Shares of other major U.S. tech giants including Amazon, Netflix and Google-parent Alphabet also declined noticeably.

Pedestrians walk past the New York Stock Exchange (NYSE) in New York, the United States, Sept. 3, 2020. U.S. stocks plunged on Thursday, as a steep sell-off in tech shares dragged down the market. The Dow Jones Industrial Average fell 807.77 points, or 2.78 percent, to finish at 28,292.73. The 30-stock index shed more than 1,000 points, or about 3.5 percent, at the lows. The S&P 500 fell 125.78 points, or 3.51 percent, to end at 3,455.06. The Nasdaq Composite Index sank 598.34 points, or 4.96 percent, to 11,458.10. (Xinhua/Wang Ying)


 
All the 11 primary S&P 500 sectors dipped, with technology down 5.8 percent, the worst-performing group.

US-listed Chinese companies traded lower, with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

On the data front, U.S. services Purchasing Managers' Index dropped to 56.9 percent in August from the July reading of 58.1 percent, the Institute for Supply Management reported on Thursday, indicating a slower pace of growth.

Pedestrians walk past the New York Stock Exchange (NYSE) in New York, the United States, Sept. 3, 2020. U.S. stocks plunged on Thursday, as a steep sell-off in tech shares dragged down the market. The Dow Jones Industrial Average fell 807.77 points, or 2.78 percent, to finish at 28,292.73. The 30-stock index shed more than 1,000 points, or about 3.5 percent, at the lows. The S&P 500 fell 125.78 points, or 3.51 percent, to end at 3,455.06. The Nasdaq Composite Index sank 598.34 points, or 4.96 percent, to 11,458.10. (Xinhua/Wang Ying)


 
US initial jobless claims, a rough way to measure layoffs, fell to 881,000 in the week ending Aug. 29, following an upwardly revised 1.01 million in the prior week, said the Department of Labor.

Pedestrians walk past electronic screens of the New York Stock Exchange (NYSE) in New York, the United States, Sept. 3, 2020. U.S. stocks plunged on Thursday, as a steep sell-off in tech shares dragged down the market. The Dow Jones Industrial Average fell 807.77 points, or 2.78 percent, to finish at 28,292.73. The 30-stock index shed more than 1,000 points, or about 3.5 percent, at the lows. The S&P 500 fell 125.78 points, or 3.51 percent, to end at 3,455.06. The Nasdaq Composite Index sank 598.34 points, or 4.96 percent, to 11,458.10. (Xinhua/Wang Ying)


 
The decline in new claims mainly stemmed from a major change in seasonal adjustment methodology and the labor market showed little progress absent the change, according to analysts.
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