Sep 3, 2020

Tech stocks slide as Wall Street goes into reverse

Stocks on Wall Street went into reverse on Thursday as shares in the five biggest US companies tumbled. While the latest weekly initial jobless claims fell more than anticipated, they remain high amid worries that employment growth could stall without further economic stimulus. London's FTSE 100 ended down 1.5% at 5,850 points, and Germany's Dax fell 1.4%. Wall Street had reached fresh highs this week on what Connor Campbell, financial analyst at Spreadex, called "a combination of relatively unfounded vaccine and stimulus speculation". Markets were now seeing a "Sharp turnaround", he said. Emily Roland, co-chief investment strategist at John Hancock Investment Management, said markets were due a reality check.

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