Tech Stocks Record Worst Day in 7 Years

15 October, 2018, 08:25 | Author: Frank Williams
  • Why Howard Marks is cautioning investors

Stocks are slumping for a second straight day as the market endures its most volatile stretch since February.

The Russell 2000 skidded 85.43 points, or 5.2 percent.

All of those factors could threaten the impressive profits Corporate America has been reporting this year.

The Russell 2000 index of smaller-company stocks added 1.30 points, or 0.1 per cent, to 1,546.68. The S&P 500 rose 1.5% to slightly above its 200-day moving average.

The three gainers among banks included Citigroup (C.N), which rose 2.0 percent, and Wells Fargo (WFC.N), which eked out a 1.3 percent gain after upbeat results. The S&P 500 opened at 2785.68, down 3.29%, while the Dow slid marginally at market open, hovering around 25466.

The S&P 500 index posted no new 52-week highs and 52 new lows; the Nasdaq Composite recorded 10 new highs and 234 new lows.

The Nasdaq sank 291.55 points, or 3.7 percent.

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US stocks are falling again a day after their biggest drop since February.

Following the worst couple of days on Wall Street since February, stocks staged a recovery on Friday amid signs inflationary pressures remain in check despite a humming economy, and as earnings season kicked off with strong postings from major banks.

The Dow Jones Industrial Average advanced 287.16 points, or 1.1 per cent, to 25,339.99.

US markets are coming off their steepest losses in eight months. Data out a day earlier showed consumer prices rose 0.1% during that same time period, also falling short of economist expectations. Apple shares fell 1.2 percent. "They wanted to get in before next week when earnings start coming", said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

The S&P technology index.SPLRCT gained 3.2 percent on the day, showing its strongest one-day gain since March 26, although it still registered its biggest weekly drop since March 23.

The Nasdaq is up 593.50 points, or 8.6 percent.

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