Dow Dives 525 Points as Tech Sector Takes Hit

Wall Street racked up more losses Wednesday as stocks closed broadly lower, wiping out the market's gains from the day before. The S&P 500 fell 2.4% after giving up an earlier gain. The selling, which accelerated in the afternoon, was widespread, though technology stocks accounted for the biggest losses, the AP reports. Apple lost 4.2% and Amazon sank 4.1%. The decline deepens the benchmark index's September slide to 7.5% after a five-month rally. The S&P 500 fell 78.65 points to 3,236.92. The index is on track for its fourth-straight weekly decline. The Dow Jones Industrial Average lost 525.05 points, or 1.9%, to 26,763.13. The Nasdaq composite slid 330.65 points, or 3%, to 10,632.99. Nike jumped 8.8%, the biggest gainer in the S&P 500, after it reported much stronger profit than analysts expected.

The market has been whiplashed by several shifts in momentum recently. This week alone, a Monday swoon brought the S&P 500 to the edge of a 10% drop from its record high set on Sept. 2. It rebounded the following day to snap its first four-day slide since stocks were selling off in February, though momentum has been quick to shift even by the hour. The benchmark index is nearly 9% below its record high. “There have been 23 bull market corrections since World War II, and the average decline has been 14%,” said Sam Stovall, chief investment strategist at CFRA. “I basically see the same kind of decline taking place."