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Tech drags Dow down 405 points, oil prices fall amid crude buildup

The Dow Jones Industrial Average fell 405 points Thursday as tech stocks faltered, while oil prices declined amid reports that U.S. crude inventories increased. File Photo by John Angelillo/UPI
The Dow Jones Industrial Average fell 405 points Thursday as tech stocks faltered, while oil prices declined amid reports that U.S. crude inventories increased. File Photo by John Angelillo/UPI | License Photo

Sept. 10 (UPI) -- Tech stocks dragged U.S. markets down on Thursday, as oil prices also fell amid data showing a buildup in crude stockpiles.

The Dow Jones Industrial Average fell 405.89 points, or 1.45%, the S&P 500 dropped 1.76% and the Nasdaq Composite ended the day down 1.72% as tech stocks continue to drive the markets' fortunes.

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Apple stock closed down 3.26%, Amazon stock dropped 2.86%, Microsoft declined 2.8%, Facebook fell 2.1% and Google's parent company, Alphabet, slid 1.37% after all five stocks rebounded to drive the market higher on Wednesday.

The S&P 500 tech sector has fallen 11.4% from Sept. 2 -- when the overall market hit an all-time high -- and Tuesday and the S&P 500 overall has fallen 7% in that time.

Oil prices also dropped Thursday as the Energy Information Administration reported that U.S. crude inventories increased by 2 million barrels for the week ending on Sept. 4, its first weekly gain in seven weeks.

West Texas Intermediate crude, the U.S. benchmark, fell 2% to $37.30 a barrel and Brent Crude, the global benchmark, dropped 1.8% to $40.06.

Thursday's declines came after markets bounced back Wednesday following a three-day losing streak as the Dow climbed 1.6% and the Nasdaq recorded its largest single-day gain since April.

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