The Nasdaq Composite Index fell sharply on Wednesday, and the loss was large enough that the tech-heavy index could close in correction territory for the first time in about two years. The Nasdaq COMP, -2.28% fell 1.7% and fell below 6,829.49, a level that is 10% below its most recent closing peak. Both the Dow Jones Industrial Average DJIA, -2.34% and the S&P 500 SPX, -2.19% have been in correction territory since February. The Nasdaq had stayed within 10% of its record high thanks to what had been long-term outperformance by large-capitalization technology and internet stocks. However, those sectors have been extremely volatile of late, pushing the overall index lower. The last time the Nasdaq corrected was in February 2016, according to the WSJ Market Data Group. The Dow fell 1.9% on Wednesday while the S&P 500 fell 1.5%.
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