Finance

What happened to the stock market Wednesday: Rotation into tech continues

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Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 16, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average falls 282 points and Nasdaq closes above 10,000

Market rotation continues

American, Delta and JetBlue all fell more than 7%. Bank shares such as JPMorgan Chase, Citigroup and Wells Fargo dropped 4.05%, 6.12% and 8.95%, respectively. This rotation led the Dow and S&P 500 to close lower for a second straight day and added to the Nasdaq’s already strong gains. “A large shift is occurring as investors cycle out of value/cyclical stocks for a second day and pour money into growth,” said one trader. “Keep in…



Source cnbc.com

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