Alphabet market value lose $40 billion in one day

Major US indices closed with collective gains in Thursday’s session, supported by rising hopes for an imminent rate cut after retail sales data. A Commerce Department report showed that US retail sales fell by 0.8% in January, affected by declines in car dealerships and gasoline service stations.

According to CNBC, Google shares fell by 2.2% in Thursday’s session, suffering its largest daily loss since the beginning of this February, and the company lost $40 billion of its market value in one day.

These losses came after the investment company Third Point exited its stake in Alphabet after selling 900,000 Google Class A shares.

The Dow Jones Index rose by 0.9%, equivalent to 349 points, achieving the highest daily gains in two weeks. The Nasdaq Composite Index rose 0.3%, recording the second daily gain in a row.

The S&P 500 index also rose by 0.6%, achieving a new record close near the 5,030-point level.