Stocks fell sharply in volatile trading on Thursday as the rout in tech — the best-performing sector in the market — resumed after a one-day respite.
The Dow Jones Industrial Average closed 405.89 points lower, or 1.45%, at 27,534.58. Earlier in the session, the Dow was up more than 200 points. The S&P 500 slid 1.8% to close at 3,339.19. The Nasdaq Composite dropped 2% to 10,919.59 after surging as much as 1.4%. It was the fourth decline in five sessions for the major averages.
Apple shares were down 3.3% after rising as much as 2.7%. Tesla, which was up more than 8% at one point, closed just 1.4% higher. Netflix and Microsoft were both lower along with Facebook and Amazon. Nvidia shares lost 3.2%. The S&P 500 tech sector dropped 2.3%.
“It’s a tricky market,” said Arian Vojdani, investment strategist at MV Financial. “You look up one second and the market’s down. You look down the other second and you’re back up.”
“Investors would be remiss to try and trade on this right now,” said Vojdani.
Thursday’s moves follow a broad rally for the market on Wednesday, with the S&P 500 posting its best day since June. The Nasdaq pulled itself out of correction territory as tech managed to claw back some of its recent steep losses…