- Nasdaq ends down 9.7% from Nov 19 record close
- Goldman shares tumble as profit hit by weaker trading
- Benchmark U.S. Treasury yields jump to two-year highs
- Activision soars on $68.7 billion Microsoft deal
- Indexes down: Dow 1.51%, S&P 1.84%, Nasdaq 2.6%
Jan 18 (Reuters) – Wall Street’s main indexes fell sharply on Tuesday as weak results from Goldman Sachs weighed on financial stocks and tech shares continued their sell-off to start the year as U.S. Treasury yields rose to milestones.
The Nasdaq dropped most among major indexes on Tuesday and now has fallen about 9.7% from its Nov. 19 record closing high, close to confirming a 10% correction for the first time since early 2021. The tech-heavy index also closed below its 200-day moving average, a key technical support level, for the first time since April 2020.
Goldman Sachs(GS.N) shares tumbled 7% after the investment bank missed quarterly profit expectations amid weak trading activity. The financials sector (.SPSY), which has been one of the better-performing groups in 2022, dropped 2.3%.
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