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Election Week Ends Lower as an AI Selloff Outweighs a Strong Jobs Report

A Wednesday relief rally gave way to Thursday's rout and only a partial rebound Friday. The Nasdaq fell 3.4 percent in the week ended Nov. 6, and oil had its own steep slide.

By Marcus Ell, Markets Columnist

New York3 min read

A columned concrete building with American flags on its facade
American flags hang on the facade of a columned building.Photo by Aditya Vyas on Unsplash

On Wednesday, investors treated the midterm results as good news. On Thursday, they treated them as a threat to the artificial-intelligence buildout. Friday brought only a partial rebound, and stocks ended election week lower.

In the week ended Nov. 6, the Nasdaq Composite fell 3.4 percent, the S&P 500 lost 2.7 percent and the Dow Jones Industrial Average slipped 0.9 percent, CNBC reported. Most of the damage came in one session. On Thursday the Nasdaq dropped 5.5 percent, the S&P 500 4.4 percent and the Dow 3.4 percent, reversing Wednesday's rally. All 11 S&P 500 sectors fell, and AI infrastructure stocks led the decline.

Friday recovered a little ground. The Nasdaq rose 1.09 percent to close at 24,579.42, and the S&P 500 gained 0.31 percent to 7,376.86. The Dow fell 237.33 points, or 0.46 percent, to 51,285.73.

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