Wall Street racked up more losses Wednesday as stocks closed broadly lower, wiping out the market's gains from the day before. The S&P 500 fell 2.4% after giving up an earlier gain. The selling, which accelerated in the afternoon, was widespread, though technology stocks accounted for the biggest losses, the AP reports. Apple lost 4.2% and Amazon sank 4.1%. The decline deepens the benchmark index's September slide to 7.5% after a five-month rally. The S&P 500 fell 78.65 points to 3,236.92. The index is on track for its fourth-straight weekly decline. The Dow Jones Industrial Average lost 525.05 points, or 1.9%, to 26,763.13. The Nasdaq composite slid 330.65 points, or 3%, to 10,632.99. Nike jumped 8.8%, the biggest gainer in the S&P 500, after it reported much stronger profit than analysts expected.
The market has been whiplashed by several shifts in momentum recently. This week alone, a Monday swoon brought the S&P 500 to the edge of a 10% drop from its record high set on Sept. 2. It rebounded the following day to snap its first four-day slide since stocks were selling off in February, though momentum has been quick to shift even by the hour. The benchmark index is nearly 9% below its record high. “There have been 23 bull market corrections since World War II, and the average decline has been 14%,” said Sam Stovall, chief investment strategist at CFRA. “I basically see the same kind of decline taking place."
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