Dow loses 2%, Nasdaq drops 5% amid Wall Street selloff

MG News | September 04, 2020 at 08:52 PM GMT+05:00

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September 04, 2020: Tech shares tumbled again Friday morning as Wall Street stocks appeared headed for a second straight rout despite improving US labor data.

Shortly after 1500 GMT, the tech-rich Nasdaq Composite Index was down 3.7 percent at 11,037.95, after earlier dropping five percent.

The Dow Jones Industrial Average fell 1.5 percent to 27,871.77, while the broad-based S&P 500 shed 2.1 percent to 3,381.11.

The losses came after the Labor Department reported that the unemployment rate in August fell to 8.4 percent, the first reading below 10 percent since the coronavirus pandemic struck.

AFP/APP

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