The recent stock rout has wiped out over $1 trillion from the value of America’s biggest tech corporations, including the world’s most valuable company Apple and online giant Amazon – but it failed to erase all their 2020 gains.
US benchmark indices finished lower for the third session in a row on Tuesday amid a massive sell-off in high-flying technology stocks, which were the main drivers of the market rally amid coronavirus uncertainty. The Dow Jones Industrial Average dropped over 600 points, while the tech-heavy Nasdaq Composite shed over 400 points – more than four percent – to close in correction territory.
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