All of the DOW and S & P gains for the year have been wiped out.
Nasdaq plunges, dragged down by Amazon
The Nasdaq plunged 2.5% on Friday -- and Amazon is leading the way lower.
Amazon (AMZN) shares plummeted 8% and briefly entered a bear market after reporting disappointing sales and guidance.
Google owner Alphabet also fell sharply on weaker-than-expected revenue.
Amazon and the others are making money hand over fist, but revenue growth, while substantial, has been less than expected.
The tech selling spread to the Dow, which fell as many as 539 points.
The index was recently down about 350 points, or 1.5%.
The S&P 500 declined 2% and at one point joined the Nasdaq in a correction.
The S&P 500 has since climbed out of correction territory, which means a 10% decline from previous highs.
Friday's slide is just the latest in a series of wild moves on Wall Street.
The Dow soared 401 points on Thursday, after plunging more than 600 points the day before.
A variety of fears have sent stocks into a tailspin this month.
All of the Dow and S&P 500's gains for the year have been wiped out.
And the Nasdaq is on track for its worst month since November 2008.
. . . .
New numbers released on Friday show the US economy grew at a healthy 3.5% pace in the third quarter.
The GDP growth, largely in line with expectations, represents a modest deceleration from the brisk 4.2% growth in the fourth quarter.
Colas said he's confident the bull market isn't over. Investors are merely anticipating a deceleration in profit and economic growth.
"I strongly believe this is a correction. Underlying economic fundamentals are still very good," said Colas.
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