NZX follows Wall Street as stocks tumble from heady heights

Fri, 04 Sep 2020

New Zealand’s benchmark index fell more than 1 percent this morning as investors reacted to the biggest one-day decline on Wall Street since June. The tech-heavy Nasdaq Composite Index fell almost 5 percent overnight, while other key indices were down approximately 3 percent. Sharon Zollner, chief economist at ANZ Bank NZ, said gravity had found US tech stocks which had climbed 23 percent above their pre-covid highs. However, she said the market may just resume its upward march even if this “new-found investor nervousness” made volatil...

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