Tech stocks had a bad day. The FANG stocks - Facebook, Apple, Netflix, and Google - saw their biggest intraday drop in 22 months.
Meanwhile, bitcoin had a wild day of trading, surging past $11,000 a day after it rose above $10,000, before falling by more than 20%.
Here's the scoreboard:
- Dow: 23,924.18 +87.47 (0.37%)
- S&P 500: 2,624.50 -2.54 (-0.10%)
- Nasdaq: 6,816.72 -95.64 (-1.38%)
- The second estimate of third-quarter gross domestic product showed the US economy grew at a 3.3% annualized rate. This was the strongest growth since Q3 2014.
- Chipotle founder and CEO Steve Ells said on Wednesday he would step down and the chain would look for a new boss. This is the second time in less than a year that Chipotle has announced a CEO change.
- Nasdaq is preparing to launch bitcoin futures contracts. Two Chicago-based exchanges, CME and CBOE, have also announced bitcoin futures products, which would allow investors to bet on the future price of bitcoin.
- Amazon said Cyber Monday was its single-biggest shopping day ever. Though the company enjoyed a 17% increase in Thanksgiving holiday sales from the previous year, its stock was under pressure on Wednesday as investors rotated out of the the broader tech space.
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