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Dow drops 630 points amid tech rout

Dow drops 630 points amid tech rout
© UPI Photo

The stock market closed Tuesday with heavy losses amid a sharp decline in technology shares that had boomed throughout the summer.

The Dow Jones Industrial Average lost more than 630 points Tuesday, closing with a loss of 2.3 percent. The tech-heavy Nasdaq composite fell more than 4 percent and has fallen more than 10 percent in the past three days, while the S&P 500 fell 2.8 percent.

After rising steadily since March, shares of major technology companies have fallen steeply since last week, bleeding gains from the three major indexes. Tesla stock plunged 21 percent Tuesday, Apple shares fell 6.7 percent, Alphabet fell nearly 3 percent and Netflix fell 1 percent on the day. 

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Despite several days of losses, the stock market had held onto most of its pandemic gains. The S&P 500 is now slightly below the record high it set in August and the Nasdaq remains well above its pre-pandemic peak. 

But a long losing streak less than two months before the election poses risks for President TrumpDonald John TrumpMinnesota certifies Biden victory Trump tells allies he plans to pardon Michael Flynn: report Republican John James concedes in Michigan Senate race MORE, who has touted the gains of the stock market frequently throughout his presidency and claimed without evidence that Democratic control of the White House would destroy the financial sector.

“Biggest & Fastest Financial Recovery In History. Next year will be BEST EVER, unless a very Sleepy person becomes President and massively raises your taxes - In which case, CRASH!” Trump tweeted Monday.