The Dow Jones industrial average (Charts) lost 294 points, or 2.1 percent. It was the blue-chip indicator’s seventh worst day of the year in terms of both the point and percentage loss. The broader S&P 500 (Charts) index lost 2.5 percent. The tech-fueled Nasdaq (Charts) composite lost almost 2.5 percent. The Russell 2000 small-cap index fell 3.1 percent. “The stock market was looking for a bigger cut and so there’s some disappointment,” said Georges Yared, chief investment strategist at Yared Investment Research. The selling was also influenced by the recent rally on Wall Street, which had left the Dow and S&P 500 within reach of the record highs hit in October. “The market has gone up in recent weeks on expectations that the Fed would cut, so you’re seeing a ‘buy the rumor, sell the news’ reaction,” said Alan Skrainka, chief market strategist at Edward Jones. Wednesday brings the October trade balance and the weekly oil inventories report.
Useful Links
Subscribe To Our Email List
For Tutorials & Updates
Useful insights on how to better work with Market Data for strategy, analysis, and trading. We promise, no stock tips or newsletters. Only useful information about how to better utilize our tools.