The Nasdaq on Thursday afternoon turned sharply lower. The Nasdaq Composite Index
was most recently down 72 points, or 1.1%, as the index was jolted suddenly lower, with some investors and traders citing a combination of concerns about valuations and market participants taking some money off the table following a brisk run for the high-flying sector. The abrupt retreat for the tech-centric gauge came as the other main equity benchmarks pared an earlier advance. All three equity gauges notched all-time intraday trading highs at the open, but the S&P 500 index
was most recently down 0.5% at 2,464 and the Dow Jones Industrial Average
traded flat at 21,710, buoyed by gains in Verizon Communication
while Dow component and tech-giant Apple Inc.
sold off by 2.7%, cutting about 30 points from the blue-chip gauge. The popular tech-focused exchange-traded fund, the Technology Select Sector SPDR ETF
was trading down 1% in recent trade.
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Stock market retreats from records as tech stocks swing to losses