Walt Street closed in red due to losses of big technology

The Dow Jones cut 121.43 points and stood at 31,270.09 units with declines in important listed securities

This Wednesday, March 3, Walt Street fell sharply due to losses of the large technology companies in the market, and according to its main indicator, the Dow Jones, its cut was 121.43 points and stood at 31,270.09 units with decreases in important listed securities.

The selective S&P 500 fell by 1.31 %, which is equivalent to 50.57 points, just reaching 3,819.72 units. As for the composite index of the Nasdaq market, which brings together the main technology companies, it fell a notable 2.70 % or 361.04 points, to 12,997.75 units.

Technology sector is affected

In this sharp drop, the technology sector was the most affected by -2.49 %, followed by non-essential goods with -2.38 %. The communications sector closed at -1.59 %, in contrast to the gains of energy and financial, with 1.43 % and 0.75 %, respectively.

According to Oanda analyst Ed Moya, “the Treasury market is not going to ignore the growing optimism that is being seen on Wall Street.”

Moya also assured that “several banks (…) have raised their GDP growth forecasts in the United States for 2021 after the Biden administration made small promises and produced great results in terms of Covid-19 vaccines for the Americans.”

K. Villarroel

Source: bancaynegocios

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