Wall Street ends sharply lower on late tech selloff

Wall Street ends sharply lower on late tech selloff

Facebook down 4.9 percent on worries over possible government regulation

By Ovunc Kutlu

NEW YORK (AA) – Wall Street ended sharply lower Tuesday, erasing gains on a late-afternoon selloff in tech stocks.

Facebook founder and CEO Mark Zuckerberg has decided to testify before Congress to answer questions about the social media network’s privacy policy following the biggest data leak in the company's history, according to a report by CNNMoney.

Zuckerberg could be joined by Google CEO Sundar Pichai and Twitter CEO Jack Dorsey after all three were invited by Senate Judiciary Committee Chairman Chuck Grassley to appear at an April 10 hearing on data privacy.

With rising concern over possible government oversight or regulation, investors took a strong selling position in tech stocks.

Facebook and Twitter along with Google parent company Alphabet saw their shares slide 4.9 percent, 12 percent and 4.5 percent respectively.

Apple fell 2.6 percent while Microsoft dropped 4.6 percent.

As a result, the tech-heavy Nasdaq lost 211 points or 2.9 percent to end at 7,008.

The Dow Jones Industrial Average fell 344 points or 1.4 percent to close at 23,857 while the S&P 500 declined 45 points or 1.7 percent to finish at 2,612.


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