By News Editor
NEW YORK: Wall Street’s main indexes closed sharply lower on Thursday, marking their deepest one-day declines since June as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery.
The Nasdaq led the pullback with a decline of almost 5% a day after it and the S&P 500 posted record closing highs.
The Nasdaq’s biggest drags came from heavyweights Apple Inc, Microsoft Inc, Amazon.com Inc, Tesla Inc and Nvidia Corp.
The S&P tech sector and the Philadelphia chip index both fell almost 6% on the day.
Markets had soared from March lows, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic.–The Star
