A historic plunge in the stock price of Facebooks parent company helped yank other tech stocks lower on Wall Street Thursday, abruptly ending a four-day winning streak for the market.
The wipeout in Meta Platforms, as Facebooks owner is now known, erased more than $230 billion in market value, easily the biggest one-day loss in history for a U.S. company. A weak revenue outlook for Meta helped drag the stocks of other social media companies including Twitter and Snap lower too.
On Thursday:
The S&P 500 fell 111.94 points, or 2.4%, to 4,477,44.
The Dow Jones Industrial Average fell 518.17 points, or 1.5%, to 35,111.16.
The Nasdaq fell 538.73 points, or 3.7%, to 13,878.82.
The Russell 2000 index of smaller companies fell 38.48 points, or 1.9%, to 1,991.03
For the week:
The S&P 500 is up 45.59 points, or 1%.
The Dow is up 385.69 points, or 1.1%.
The Nasdaq is up 108.24 points, or 0.8%.
The Russell 2000 is up 22.52 points, or 1.1%.
For the year:
The S&P 500 is down 288.74 points, or 6.1%.
The Dow is down 1,227.14 points, or 3.4%.
The Nasdaq is down 1,766.15 points, or 11.3%.
The Russell 2000 is down 254.28 points, or 11.3%.
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