|10-16-2014, 12:03 AM||#1|
Market panic continues, Wall Street at lowest in 8 months
U.S. stocks took a nosedive in Wednesday early trade, with the Dow Jones Industrial Average sliding a massive 370 points and the S&P 500 turning negative for 2014 at the opening bell, before cutting some of the losses.
-The Dow Jones Industrial Average was down 0.82% or 133.51 points at 16179.65. As of 10:07 a.m. ET t
-The S&P 500 was down 1.03% or 20 points to 1858.61, after earlier dropping a whopping 1.8% which briefly sent the benchmark down for the year.
-The NASDAQ Composite Index was down 0.5% or 22.10 to 4202.33 points.
Investors shot up bond prices, pushing the 10-year Treasury to fresh lows. Yields slipped over 25 basis points to 1.979% from 2.2% late Tuesday. The last time yields fell below the 2% mark was when Europe was still in the depths of a debt crisis in 2012.
Worse-than-expected economic U.S. data, fresh Ebola fears, and increased concerns over a global growth slowdown prompted investors to cash out of financial markets in the U.S. and across the world.
Corporate earnings have been not so great, and above all that, data on Wednesday showed an unexpected decline in retail sales in the U.S.
Oil futures took back some gains after a slump to $80.01 a barrel on the New York Mercantile Exchange.
The S&P 500 is now around 2% away from a technical correction, after only hitting an all-time high a month ago, which if hit, we are expecting more volatility in markets.
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