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Continued tech sell-off drags Wall Street lower
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Continued tech sell-off drags Wall Street lower

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A sell-off in shares of US technology firms has continued for a third day, dragging
down all three major American stock indexes more than 2%. 
Apple was the biggest
loser on the Dow, falling more than 6.7%. Amazon and Facebook also dropped
at least 4%.

The sharp downturn follows the huge gains earlier in 2020 which had helped US
markets rebound from the pandemic. 
Asia followed Wall Street's lead on
Wednesday with its main indexes in the red.

The biggest faller in the region was Australia's ASX 200 index which fell 2.6% 
while China's Shanghai Composite dropped 2%.

These dips come as the global economy is expected to shrink by roughly 5% 
this year. Concerns about coronavirus continue to weigh on business activity 
and add to trade tensions.

 

Sterling fall

In the UK on Tuesday, the pound fell against major currencies after
the government renewed the prospect of a no-deal Brexit, saying
the UK would "prosper mightily" with or without a deal.

The pound dropped 1.6% to just over $1.30. It fell a similar amount against
the euro, to €1.10.

The FTSE 100 also turned negative, but climbed back from its steepest
losses to end the day down 0.12%.

In the US, the Dow Jones Industrial Average closed 2.25% lower, while
the S&P 500 fell 2.78%. The tech-heavy Nasdaq dropped 2.95%.

 

Further details are available here. : pg



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Stocks end mostly lower after Fed holds interest rates steady near zero, but underscores risks to economic recovery
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