Stock markets have lost some of their spectacular gains made over the past several months, as investors sold off high-flying tech companies and worried about the continuing crisis in the US jobs market. In New York the Dow Jones Industrial Average was down 557 points, or 1.9%, by noon on Thursday after passing 29,000 for the first time since February on Wednesday. The S&P 500 was down 2.7% and the tech-heavy Nasdaq fell 4%. Both the S&P 500 and the Nasdaq had set their latest record highs a day earlier, and the latter index is still up nearly 28% for the year. The S&P 500 had been up nine of the last 10 trading days and posted its fifth straight monthly gain in August. In London, the sell-off ended a rally on the FTSE 100, which closed 90 points lower at 5,850. The index is now down 22% for the year. Markets across Europe also ended the day lower. Big tech companies have seen huge gains in their share price in recent months as investors bet the firms would continue posting huge profits even with many coronavirus restrictions still in place, as people might spend even more time online with… Read full this story
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