Wall Street has started rebounding from a three-day rough patch beginning Sep 3, after a strong August. This downturn induced by the sharp sell-off in technology stocks could have been a result of people rushing to book profits, may be due to worries over very high valuations, uncertainty over another pandemic stimulus package, budget negotiations and the approaching elections.
The Dow Jones Industrial Average saw a 1.6% increase on Sep 9. Moreover, the S&P 500 index gained 2% and the Nasdaq composite was up 2.7% on the same day. In fact, the broader market index witnessed its best day since Jun 5 when it inched up 2.6%, per a CNBC article. Moreover, the tech-heavy Nasdaq Index saw its biggest one-day gain since Apr 29 when it rose 3.6%.
The S&P 500 Information Technology Index was also up 3.4% on Sep 9 and witnessed its biggest one-day gain since late Apr