Wall Street’s astonishing bull run for more than five months suffered a major setback in early September. The rally hit the highest level on Sep 2 since it recorded the recent trough on Mar 23 but thereafter a sharp downtrend made investors nervous. The holiday-shortened last week was the worst in several months.
Historically, September is known as the worst-performing month in Wall Street. Market participants started panicking that the coronavirus-defying rally would terminate this month. However, a closer look at the market last week revealed that not all stocks suffered due to the pulldown.
Technology Sector Leads Market Mayhem
The technology sector pulled down the overall market after being the predominant driver of the impressive showing over the last five months. It was technology that had helped Wall Street to exit a coronavirus-induced short bear market and form a new bull market.
However, in the due course of the