By Francisco Rodriguez-Castro on September 3, 2020
SAN JUAN – The US stock market ended Thursday lower. All economic sectors saw losses. The technology sector, which we highlighted Wednesday, took significant hits.
However, investors should not be surprised for the following reasons:
- The Nasdaq Composite reached an all-time high, an opportune time to lock in profits and rebalance portfolios.
- Both Apple and Tesla have announced stock splits and were also at all-time highs; This is a great time to secure profits and sell half of your position knowing that the stock will split, and you will receive again virtually the same number of shares that you had sold.
Notable declines include:
- Tesla Inc. (TSLA): closed at $ 405.27, down $ 69.71, or 14.69%
- Apple Inc (AAPL): closed at $ 121.19, down $ 10.21, or 7.77%.
- Amazon.com Inc. (AMZN): closed at $ 3,388.12, down $ 143.33, or 4.06%.
- Microsoft Corp. (MSFT): closed at $ 217.60, down $ 14.05, or 6.07%.
- Facebook Inc. (FB): closed at $ 289.95, down $ 12.55, or 4.15%.
- After a rally that returned 55%, it is quite common to experience some pullbacks. Much more to come.
On to markets:
- The Dow Jones Industrial Average closed at 28,292.73, down 807.77 points, or 2.78%.
- The Standard & Poor’s 500 Index closed at 3,455.66, down 125.78 points, or 3.51%.
- The NASDAQ Composite Index closed at 11,458.10, down 598.34 points, or 4.96%.
- The Birling Capital Puerto Rico Stock Index closed at 1,581.84, up 20.89 points, or 1.34%.
- The US Treasury 10-year note closed lower, at 0.63%.
- The US Treasury 2-year note closed higher, at 0.13%.