Energy and tech sell-off wipes out 2018 gains

NEW YORK Nov. 21 2018- Traders work at the New York Stock Exchange in New York the United States Nov. 20 2018. U.S. stocks plunged on Tuesday with the Dow erasing more than 500 points amid

The Russell 2000 is down 66.50 points, or 4.3 percent. Victoria's Secret parent company L Brands fell 17.7 percent.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.05 percent from 3.07 percent.

The S&P 500 index lost 38 points, or 1.4 per cent, to 2,652 as of 1:15 p.m.

In Asia, Japan's benchmark Nikkei 225 dropped 0.4 per cent and the Kospi in South Korea was down 0.3 per cent. Hong Kong's Hang Seng index rose 0.5 per cent.

"Armenpress" reports the value of Dow Jones down by 1.56% to 25017.44 points, S&P 500 down by 1.66% to 2690.73 points, Nasdaq down by 3.03% to 7028.48 points. It was down 648 earlier.

The tech-rich Nasdaq Composite Index was the biggest mover, jumping 0.9 per cent to 6,972.25, thanks to gains by beaten-down giants like Amazon and Facebook.

The selling was widespread.

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FILE- In this Friday, Nov. 9, 2018, file photo trader Michael Urkonis. left, works with specialists John McNierney, center, and Douglas Johnson on the floor of the New York Stock Exchange.

Stocks are skidding as weak results from retailers and mounting losses for big technology companies push the market back into the red for the year.

The slump also comes after the company announced it would no longer disclose unit sales of its iPhones. SAP, which provides business software and cloud computing services, was down over 2 percent.

"Any type of hostility amongst the (European) Union has major implications not only on the European financial system but also the global financial system", Morganlander said. Apple fell 4 percent and Amazon gave back 5.1 percent.

The S&P 500 ended higher on Wednesday after a brutal two-day selloff, led by a rebound in energy and technology shares, but the market faltered toward the session's end as Apple shares surrendered gains ahead of the Thanksgiving holiday.

The Dow Jones Industrial Average rose 119 points, or 0.5 percent, to 24,585. It was down 596 earlier. Apple shares fell by almost 4 percent.

Industrial companies and retailers also stumbled.

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Tech stocks were among the biggest losers in Europe, too.

Wholesale gasoline added 0.4 percent to $1.58 a gallon. It was down 524 earlier.

Facebook shares, which have sold off sharply in recent days, actually rose a half of a percentage point in the first hour of trading.

US crude rose 2.7 percent to $54.87 per barrel.

In a sign of skittish sentiment on stocks, defensive sectors of the market like estate and utilities closed in positive territory for the day as investors sought refuge from riskier sectors.

The S&P 500 fell 36 points, or 1.3 percent, to 2,654. Devon Energy lost 7.4 percent.

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