Dow Jones falls nearly 350 points as tech stocks decline

By Daniel Uria  |  March 27, 2018 at 5:06 PM
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March 27 (UPI) -- The Dow Jones industrial average dropped nearly 350 points Tuesday as tech stocks dragged the market down.

The index fell 344.89 or 1.43 percent by the end of trading while the Nasdaq fell 2.9 percent and the S&P 500 slid 1.7 percent.

Poor performances by tech stocks accounted for the declines in each composite. Microsoft was the worst-performing stock on the Dow Jones, shares of Apple and Amazon declined in the Nasdaq and tech fell 3.5 percent in the S&P.

Facebook contributed to the market drop, falling 4.9 percent, following news the Federal Trade Commission will investigate a breach which allowed data firm Cambridge Analytica to acces the information of about 50 million Facebook users without their knowledge.

Twitter's stock was also affected by concerns over data safety, falling by 11 percent on Monday.

"Everything's changed; everyone is talking about data privacy," Andrew Left of Citron Research told CNBC. "They're a lot more vulnerable than Facebook."

Nvidia's stock dropped 7.8 percent while shares of Tesla fell 8.2 percent after the National Transportation Safety Board and the National Highway Traffic Safety Administration announced it will launch an investigation into the first deadly crash involving an autonomous vehicle and Gov. Doug Ducey pulled Uber's license to test self-driving cars in the state.

Netflix also experienced its worst loss in two years as shares fell 6 percent.

The declines came after a positive day for the stock market Mondaym in which the dow increased 669.40 points, as concerns over a potential trade war with China subsided.

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