Nasdaq hits record, bounces off, plunges.
Wow, did you see that? That was quick.
Friday morning between 10:15 AM and 11:15 AM, the Nasdaq gallivanted around blissfully for an entire hour in record territory of around 6,340 with not a worry in sight, and then someone must have looked at the valuations or something, and it became infectious, and the sell-orders started pouring out, and by 2:48 PM, the Nasdaq hit a low for the day of 6,160, down 3.1% from peak to trough.
It closed at 6,208, down 114 points, or 1.8%, its biggest daily decline so far this year.
Meanwhile, the Dow rose nearly 90 points or 0.4% to 21,272. And the S&P 500 ended down a minuscule 2 points.
The market is so dependent on the infamous FAANG stocks: Facebook, Apple, Amazon, Netflix, and Alphabet (the Google in the acronym). And here’s how they did:
This post was published at Wolf Street on Jun 9, 2017.