On Wall Street, the Nasdaq ends its worst week since March - France 24

New York (AFP)

The decline in major technology stocks on the York Stock Exchange once again on Friday pushed back the Nasdaq index, which recorded its heaviest weekly fall since the end of March, dropping more than 4%.

On Friday's only session, the Nasdaq lost 0.60% to 10,853.55 points.

The Dow Jones Industrial Average, Wall Street's flagship index, on the other hand appreciated 0.48% to 27,665.64 points, but it dropped 1.66% over the week.

The extended S&P 500 index ended up close to equilibrium, grabbing 0.05% to 3,340.97 points.

His weekly loss is 2.51%.

"The correction is not yet complete," said Maris Ogg of Tower Bridge Advisors, in reference to the sudden fall in the Nasdaq that began at the end of last week.

As in the previous day's session, the index opened up before erasing its gains shortly after mid-session and then falling into the red.

"As soon as the market goes up, sellers come back and bring it down," explains Ms. Ogg.

Main affected by these profit-taking, the tech sector, which had experienced an almost uninterrupted increase between early April and late August and carried the market at arm's length, still struggled on Friday.

The S&P 500's “Information Technology” sub-index lost 0.75%.

Individually, giants like Apple (-1.31%), Amazon (-1.85%), Facebook (-0.55%) or Alphabet (-0.67%), the parent company of Google, have moved back.

However, according to Ogg, this decline is not alarming and is even a sign of a healthy market, which is making readjustments after a long period of progress.

The expert notes in this regard that many cyclical stocks, particularly sensitive to the economic situation, have risen.

This was notably the case with Nike (+ 2.80%), Caterpillar (+ 2.65%), Home Depot (+ 1.33%) or even 3M (+ 1.85%), all members of the Dow Jones .

Among the indicators, consumer prices in the United States rose 0.4% in August, a slightly slower pace compared to that of July, but higher than expected, according to the CPI index published on Friday by the Department of Labor.

Analysts had expected a rise of 0.3%.

On the bond market, the 10-year rate on US debt fell to 0.6674% around 8:35 pm GMT against 0.6772% Thursday evening.

© 2020 AFP