Stock Market News For Mar 29, 2018
Zacks Investment Research | Mar 28, 2018 09:42PM ET
Markets finished lower for a second straight day on Wednesday. The decline was fueled by a selloff in tech stocks which failed to recover from the steep losses witnessed in the previous session. Amazon suffered the most, while other tech stocks such as Apple, and Netflix also took a beating. Further, Tesla’s shares plummeted following a credit downgrade and news of officials investigating a fatal crash in California.
Investors, in the meantime, digested a U.S. Commerce Department report of the U.S. economy slowing less than previously reported in the fourth quarter. Per the latest report from the Commerce Department, the U.S. GDP advanced at 2.9% annual rate of growth versus the last quarter’s figure of 2.5%. However, consumer spending witnessed its fastest quarterly growth in three years.
The Dow Jones Industrial Average (DJI) declined less than 0.1%, to close at 23,848.42. The S&P 500 fell 0.3% to close at 2,605. The Nasdaq Composite Index closed at 6949.23, shedding 0.9%. A total of 6.96 billion shares were traded on Wednesday, lower than the last 20-session average of 7.36 billion shares. Advancers outnumbered decliners on the NYSE by a 1.12-to-1 ratio. On Nasdaq, a 1.22-to-1 ratio favored declining issues.
How did the Benchmarks Perform?
The Dow declined 9.29 points in an otherwise choppy trading session, switching in and out of the positive territory 29 times. The 30-stock exchange at its session high rose as much as 234.76 points and fell 129.04 points at the lows.
The S&P 500 declined 7.62 points to close in the red, while the tech-heavy Nasdaq fell 59.58 points as most tech majors Amazon.com, Inc. (NASDAQ:AMZN) , Netflix, Inc. (NASDAQ:NFLX) and Apple Inc. (NASDAQ:AAPL) pulled back. Amazon has a Zacks Rank #3 (Hold). You can see Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.