Wall Street cheers Democratic sweep, then the AI trade cracks less than 24 hours later
Stocks rose on Wednesday after Democrats swept both chambers of Congress: the Dow gained more than 1,500 points, the S&P 500 nearly 2% and the Nasdaq 1.4%. Less than 24 hours later, on Thursday, stocks reversed: the Dow fell more than 1,800 points, the S&P 500 lost 4.4% and the Nasdaq 5.5%, entering correction territory, as investors dumped artificial intelligence and chip bets. The VIX spiked as much as 70%.
In 40 seconds
- On Wednesday the Dow rose more than 1,500 points and the S&P 500 nearly 2% after the Democratic sweep of Congress.
- On Thursday the Dow lost more than 1,800 points, the S&P 500 fell 4.4% and the Nasdaq 5.5%, erasing the prior day's gains.
- Investors sold AI and chip stocks; the VIX rose as much as 70%.
Read the full story at Yahoo Finance
IASummary generated by artificial intelligence from a story by Yahoo Finance. It may contain errors: the original source prevails.
Comments
Be respectful. Comments reported by several people are hidden until a moderator reviews them.
You do not need an account to read, only to comment. Sign in with a code sent to your email or with your Google account. We only show the name you choose, never your email.