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 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 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 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.
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