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Cryptocurrency News Articles

Wall Street Ends Disastrous Week Dragged Down by Tech Stocks

Apr 20, 2024 at 07:06 pm

Today's stock market closed yet another week in losses, as tech stocks continued to drag the market down. The Dow Jones Industrial Average fell by 1.1%, while the S&P 500 and Nasdaq Composite both lost 1.6%.

Wall Street Ends Disastrous Week Dragged Down by Tech Stocks

Wall Street Concludes a Bleak Week Led by Declining Tech Shares

(New York, April 19, 2024) - The United States equity markets witnessed a challenging week, concluding with further losses on Friday. The Nasdaq Composite, heavily weighted in technology stocks, bore the brunt of the decline, plummeting by 2.8% to close below the 13,000 mark.

The technology sector's struggles stemmed from concerns over rising interest rates, which have dampened investors' enthusiasm for growth-oriented companies. Additionally, the ongoing geopolitical tensions in Europe have further weighed on sentiment.

The Dow Jones Industrial Average also declined, shedding 1.5% to settle below 34,000. Concerns over the health of the global economy have contributed to the market's negative trajectory. The S&P 500 index, which comprises a broader representation of the market, lost 1.8%, closing below 4,200.

Notable decliners in the technology sector included Apple, which fell by 3.4%, and Amazon, which lost 4.5%. Other major companies, such as Tesla and Google, also experienced significant losses.

The market's downturn marks the end of a difficult week for Wall Street, with all three major indices posting weekly declines. Investors remain cautious as they navigate uncertain economic conditions and geopolitical risks.

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