Nasdaq index gets creamed as high flyers take it on the chin

The US major indices closed mixed as investors flowed out of of large-cap technology stocks and into the relative safety of the industrials. The Dow industrial average rose, while the NASDAQ index got creamed with its largest decline since January 23 when the index fell -2.23%. Today the index fell -2.05%.

A look at the final number shows:

• Dow Industrial Average average rose 211.02 points or 0.56% at 37986.41
• S&P index fell -43.87 points or -0.88% at 4967.24. The decline was the 6th consecutive down day for the index.
• NASDAQ index tumbled -319.49 points or -2.05% at 15282.01.The decline was the 6th consecutive down day for the index.

The small-cap Russell 2000 rose 4.69 points or 0.24% at 1947.65

For the trading week, the Dow Industrial Average closed near unchanged, but the NASDAQ at its worst trading week since October 2022.

• Dow Industrial Average rose 0.01% which was good enough to snap a two-week decline
• S&P index fell -3.05% and closed lower for the third consecutive week.
• NASDAQ index-5.52%, and has now fallen for four consecutive weeks.

Shares of Nvidia had their worst day since March 2020. Tesla had closed at its lowest level since January 2023.

This article was written by Greg Michalowski at www.forexlive.com.