The Nasdaq Composite Index turned sharply negative as the broad-market rally, led by technology and tech-related stocks, unraveled within the final hour of trade Monday afternoon.
The Nasdaq Composite Index COMP, -2.13% closed down 2.1% at 10,390, but had been up by nearly 2% at 10,824 earlier in the session; the S&P 500 index SPX, -0.93% closed 0.9% lower at 3,155 after touching an intraday peak at 3,235.32, briefly erasing its year-to-date losses.
Meanwhile, the Dow Jones Industrial Average DJIA, +0.04% gave up its solid gains to cut its rally substantially.
The Dow closed with a gain of less than 0.1% at about 26,086, but had hit a Monday peak at 26,639. News of reclosing in coronavirus ravaged states, particularly California, partly helped to derail the day’s strong opening gains.
