By Francisco Rodriguez-Castro on September 9, 2020
SAN JUAN – The US stock market was able to snap a three-day losing period that propelled the worst technology sell-off since the pandemic began in March.
The increased activity in the options market is partly to blame for a large percentage of the tech stocks’ increased volatility. After reviewing Wednesday’s US Options Market Volume Summary, we note that Nasdaq options reached $ 13,124,253, or 34.36% of the market.
The sell-off is likely over for the time being. Should it hold, it could be construed as a reversal instead of a market correction, as some have mentioned.
Some of the largest players were partly able to recover:
- Tesla (TSLA) rose $ 32.09, or 9.72%, closing at $ 362.30
- Microsoft (MSFT) rose $ 8.50, or 4.19%, closing at $ 211.16
- Apple (AAPL) rose $ 4.17, or 3.71%, closing at $ 116.99
On to markets.
- The Dow Jones Industrial Average closed at 27,940.47, up 439.58 points, or 1.6%.
- The Standard & Poor’s 500 Index closed at 3,398.96, up 67.12 points, or 2.01%.
- The NASDAQ Composite Index closed at 11,141.56, up 293.87 points, or 2.71%.
- The Birling Capital Puerto Rico Stock Index closed at 1,554.02, down 47.75 points, or 2.98%.
- The US Treasury 10-year note closed higher, at 0.71%.
- The US Treasury 2-year note closed flat at 0.14%.