Dow sheds around 800 points as tech selloff hits Wall Street

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U.S. stocks finished sharply lower on Thursday after tech shares came under pressure as market participants began to question the sustainability of further stock-market gains led by a few select companies. The S&P 500 closed 3.5% lower to end around 3,455. The Nasdaq Composite lost 5% to finish near 11,458. The Dow Jones Industrial Average shed 808 points, or 2.8%, to end around 28,293, based on preliminary numbers. It wasn’t clear what triggered the selloff, but some analysts simply pointed out that the breathless run-up in technology-related equities had left them vulnerable to a sudden turn in investor sentiment, amid continuing concerns around the U.S. economy’s momentum in the face of the COVID-19 pandemic. Apple Inc. shares fell 8%, recording their worst day since since March 16, when the iPhone maker’s stock plunged 12.9%.
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