Nasdaq on Brink of Bear Market as Rout in FAANG Stocks Snowballs

Nasdaq on Brink of Bear Market as Rout in FAANG Stocks Snowballs
The Dow Jones industrial average was up 256 points, or 3.1 percent, while the technology-heavy NASDAQ composite index rose 63 points, or 3.5 percent. Emmanuel Dunand/AFP/Getty Images
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Spiraling losses in tech shares have pushed the Nasdaq Composite Index to the precipice of becoming the first major U.S. stock gauge to enter a bear market since 2009.

Dragged down by its extra-heavy weighting in technology giants like Apple Inc. and Amazon.com, the benchmark fell for the fifth time in six days, briefly sliding 20 percent below its intraday record from August.  The Nasdaq narrowly averted bear-market declines in 2011 and 2016.