Nasdaq tumbles 2.1% to mark biggest intraday reversal in 3 months as California orders rollback on eased coronavirus restrictions

MW Nasdaq tumbles 2.1% to mark biggest intraday reversal in 3 months as California orders rollback on eased coronavirus restrictions

U.S. stock indexes squandered a powerful, technology-led rally Monday, with gains collapsing as California signaled that it was re-imposing some restrictions on business reopenings as coronavirus cases rise in the Golden state. The Nasdaq Composite index swung from nearly a 2% gain early Monday to a decline of about 2.1% at about 10,390. Tech-related names like Tesla $(TSLA)$, whose shares were enjoying a 14% gain earlier in the session, closed off 3.1% on the session, after touching a record-setting market value of more than $320 billion. California Gov. Gavin Newsom ordered all dine-in restaurants, bars, movie theaters, museums across the state to close Monday. Meanwhile, the Dow Jones Industrial Average closed with a meager gain of 0.1% at around 26,086, but had hit a intraday peak at 26,639, while the S&P 500 index finished down 1% after hitting an intraday peak at 3,235.

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

July 13, 2020 16:02 ET (20:02 GMT)

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