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Dow Drops 406 Points

Video Credit: Wochit - Duration: 00:40s - Published
Dow Drops 406 Points

Dow Drops 406 Points

On Thursday, US stocks sank in turbulent trading.

Falling tech giants dragged on benchmark indexes.

Tech names had rebounded on Wednesday.

However, they resumed their downward spiral as investors shunned their still lofty valuations.

Traders also mulled weekly jobless-claims data that signaled lasting pain in the US labor market.

Jobless claims totaled 884,000 for the week that ended on Saturday, missing the economist estimate of 850,000.

Oil fell after the American Petroleum Institute reported that US stockpiles increased by nearly 3 million barrels.

West Texas Intermediate crude sank as much as 2.9%, to $36.95 per barrel.


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