NEW YORK (dpa-AFX) – After the recent record rally on the New York stock exchanges, investors cashed in on Tuesday. At the beginning of the week it was already clear that investors were going on the defensive ahead of this week’s labor market data and the appearance of Federal Reserve Chairman Jerome Powell before the US Congress. Now the movement increased.
The market also said that concerns about excessive valuations in the technology sector were growing. This led to increased profit-taking on the Nasdaq stock exchange, which sent the NASDAQ 100 selection index plummeting by 1.80 percent to 17,897.87 points. It had gained up to 30 percent since its October low.
Investors also withdrew on Wall Street and the broader US market for the time being. The Dow Jones Industrial (Dow Jones 30 Industrial) fell by 1.04 percent to 38,585.19 points. The market-wide S&P 500 lost 1.02 percent to 5078.65 points./tih/jha/