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Google parent Alphabet's stock closing in on first bear market in 7 years
Share of Google parent Alphabet Inc. has dropped into bear market territory for the first time in seven years in afternoon trade Monday, amid a broad and sharp selloff in the technology sector. The stock was down 3.6%, on track for the lowest close since May 3, as the SPDR Technology Select Sector ETF shed 3.7%, with all 65 of its components trading lower. The S&P 500 was down 1.8%. Alphabet's stock's intraday low of $1,026.86, it was 20.1% below its July 26 record close of $1,285.50; many on Wall Street define a bear market as a decline of 20% or more from a bull-market peak. A close at or below $1,028.40 would mark the end of the current bull market, and start of a new bear market, since it came out of the last bear market on Oct. 14, 2011. The stock was last down 3.7% at 1,029.23. The other three original FANG stocks--Facebook Inc. , Amazon.com Inc. and Netflix Inc. --are already in bear markets, while the honorary FAANG stock--Apple Inc. also dipped into bear market territory intraday Monday before bouncing back out.
https://finance.yahoo.com/m/dc0f710.../google-parent-alphabet's.html?.tsrc=rss
Share of Google parent Alphabet Inc. has dropped into bear market territory for the first time in seven years in afternoon trade Monday, amid a broad and sharp selloff in the technology sector. The stock was down 3.6%, on track for the lowest close since May 3, as the SPDR Technology Select Sector ETF shed 3.7%, with all 65 of its components trading lower. The S&P 500 was down 1.8%. Alphabet's stock's intraday low of $1,026.86, it was 20.1% below its July 26 record close of $1,285.50; many on Wall Street define a bear market as a decline of 20% or more from a bull-market peak. A close at or below $1,028.40 would mark the end of the current bull market, and start of a new bear market, since it came out of the last bear market on Oct. 14, 2011. The stock was last down 3.7% at 1,029.23. The other three original FANG stocks--Facebook Inc. , Amazon.com Inc. and Netflix Inc. --are already in bear markets, while the honorary FAANG stock--Apple Inc. also dipped into bear market territory intraday Monday before bouncing back out.
https://finance.yahoo.com/m/dc0f710.../google-parent-alphabet's.html?.tsrc=rss
