The bear is back in the epidemic era.
Beginning the ninth month of the year with a record high, it is taking shape as one of the worst starts for the Nasdaq Composite Index – and the broader US stock market – ever, closing the wheel’s rapid rally Led the technology-heavy index to unprecedented heights.
Nasdaq Composite Comp,
The Dow Jones market data fell 465 points, or 4.1%, to 10,847, lower than its Sept 2 drop by more than 10%.
A property price decline of at least 10%, but no more than 20% above the recent peak, is a commonly used definition for an improvement. The composites last recorded an improvement on 27 February and went on to decline by more than 30%, qualifying the gauge for a bear market.
The index later rebounded higher, but now stocks are giving back some frenzied runup, which took a 58% return from its March 23 low, even after its brutal defeat in the last few sessions.
Nasdaq’s 10% drop from its Sept 2 all-time peak, however, is notable as it surpassed the six-season previous record pace it took for the index to crash from an all-time high in March . Dow Jones data show.
The steep decline for the Nasdaq Composite comes after three straight days of layoffs of at least 1%, marking the longest losing streak since the COVID-19 epidemic took root back on the market in March.
The skid low also begins to make its worst debut since September, the first 5 trading days since 2001, when the Nasdaq Composite dropped 6.1%, Dow Jones data show.
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Partially moving up the slide, there is growing concern that Tesla Inc. TSLA, including some of the largest capitalization stocks.
And Apple Inc. AAPL,
Coronaviruses have been climbed very rapidly, seen as beneficiaries of the epidemic.
Nasdaq-100 Index NDX,
Representing the largest 100 companies in the Nasdaq Composite, it also closed in the correction, marking the fastest three-day decline of at least 10% for that benchmark since the dot-com bubble burst in 2000 Milan was there.