Heavy selling on Wall Street continued with the Dow dropping nearly 600 points during the day bringing two day losses to 1000 points, losses spreading from tech stocks to the broader market, a decline that erased the gains of 2018.
Monday, media technology stocks saw 4% to 5% declines. Early Tuesday, declines continued spreading to more traditional media companies and an overall market decline.
The Dow dropped nearly 400 points on Monday and nearly 600 points on Tuesday. The Dow dropped 2.2%, the Nasdaq was down 2.5%, while the S&P 500 lost 2%.
FAANG stocks – Facebook, Apple, Amazon, Netflix and Google parent Alphabet had led the market higher during the year, and are now down more than 20% from their highs in the past year. The biggest declines were Facebook, down nearly 40% from its recent peak, and Netflix, down 37%.