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Nasdaq 100 Tumbles, Ends 11% Below Feb. 12 Record: Markets Wrap

  • Nasdaq indexes lag behind, with bank and energy shares rising
  • Brent crude traded near $70 after attack on oil infrastructure
Bloomberg business news

Watch: Carmen Reinhart, vice president and chief economist of the World Bank Group, and Ceyla Pazarbasioglu director on strategy, policy and review at the International Monetary Fund, say the coronavirus pandemic and the accompanying economic lockdowns have deepened inequality both within national borders and across the globe.

Source: Bloomberg
Updated on

Tech shares tumbled anew, sending the Nasaq 100 Index down 11% from its all-time high, as investors fled high-valuation stocks for companies whose fortunes are closely tied to the economic cycle.

The benchmark for megacap tech dropped 2.9% and is now at the lowest since November. The S&P 500 ended lower after rising as much as 1% as tech shares in the gauge dropped 2.5%. Financial firms and materials producers kept losses from being worse. The Dow Jones Industrial Average hit an all-time high before settling for a 1% gain, buoyed by rallies in banks and Walt Disney Co. Tesla Inc. pushed its five-day rout past 20%. Blank-check companies backed by Chamath Palihapitiya tumbled.