Title : Dow Plunges 800 Points In Worst Drop Since February
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Dow Plunges 800 Points In Worst Drop Since February
* The tech sector had its worst day in seven years, leading the Dow to its worst day in eight months.
* "People are getting out of the high-flying tech names right now," says Larry Benedict, CEO of The Opportunistic Trader. "I think people are under-hedged; there could be more pain ahead."
Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months.
The Dow Jones Industrial Average closed 831.83 points lower at 25,598.74 as Intel and Microsoft fell more than 3.5 percent each. The Nasdaq Composite plummeted 4 percent to 7,422.05.
The Dow also closed near its lows of the day.
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WNU Editor: After hours trading is even worse .... Carnage Continues After-Hours - Dow Down 1000 Pts, Nasdaq Collapses 5% (Zero Hedge). So why the crash? Bond prices are up. Tech stocks have been over-valued for a long time. And President Trump's concerns on what the US Fed is doing are correct .... Trump Blames Powell: "I Think The Fed Has Gone Crazy" After Selloff (Zero Hedge). Not a good time to have a market correction when the mid-terms are only a month away.
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