Oct. 24 (UPI) — The Nasdaq composite entered correction territory in another down day for the stock market Wednesday, which also left the Dow Jones Industrial Average and the S&P 500 in the red.
The Nasdaq experienced its worst day since Aug. 18, 2011, falling 329 points, or 4.4 percent to 7,108, 10 percent from its Aug. 29 all-time high. The Dow Jones fell 606 points or 2.4 percent to 24,583, while the S&P 500 had its sixth consecutive losing session, dropping 84.59 points or 3.1 percent to 2,656.
So far the S&P has fallen 8.9 percent, the Dow has dropped 7.1 percent and the Nasdaq is down 11.7 for the month of October.
Wednesday’s decline left the S&P and the Dow Jones down 0.7 percent and 0.6 percent for the year respectively.
Common trends throughout the year such as regulatory concerns following Facebook’s data scandal and fears of a trade war with China caused tech stocks to plummet on Wednesday.
Netflix stock dropped more than 9 percent, Facebook fell 4 percent, Amazon slid 5 percent and Apple was down 3 percent.
Alec Young, managing director of Global Markets Research at FTSE Russell, said various macroeconomic barriers have contributed to the overall decline in the stock market after reaching highs earlier this year.
“Chief among them is a Fed that seems determined to continue steady rate increases despite growing signs of weakening global growth as China struggles to stabilize its economy and markets all while U.S. trade tariffs loom,” Young said.
The Federal Reserve raised federal interest rates for the third time in September, citing job growth.
