hoping that a change in the calendar to September
would mark a fresh beginning were disappointed today, when stocks
again fell sharply over worries
about China’s economic growth
. At the close, the Dow Jones Industrial Average was off 470 points, while the NASDAQ gave back 140 points and the S&P 500 dropped 58. Not surprisingly, the number of declining issues swamped gainers.
After opening sharply lower
, the major U.S. stock market indexes recovered some
of their losses heading into the afternoon, but nevertheless ended the day securely in the red
. Today’s volatile trading backdrop mirrors the market’s see-saw performance over the past two weeks, with the major market averages weaving into and out of correction territory. Indeed, recent trading has seen investors weighing concerns about an economic slowdown in China - and its implications on global demand – against an otherwise improving in the U.S. economy. All the while, markets are keeping a close eye on central bank policymakers for clues as to the timing of an eventual interest-rate hike by the Federal Reserve.
Stocks closed mixed to higher on Friday in fairly quiet trading, in sharp contrast to the fireworks on display over the past week
. At the close, the Dow Jones Industrial Average was down 12 points; but the NASDAQ gained 16 points, while the S&P 500 was up about one point. Market breadth was clearly tilted to the upside, though, as gainers topped decliners by nearly two to one on the New York Stock Exchange and better than two to one on the NASDAQ.
The U.S. stock market
got off to a strong start
this morning, extended these gains
through the midday. Although there was a pullback in the afternoon, equities rallied again
in the final hours of the session
. At the close of trading, the Dow Jones Industrial Average was up 369 points; the S&P 500 Index was ahead 47 points; and the NASDAQ was higher by 115 points.
The U.S. equity market
, for the better part of today’s session, followed the same script as yesterday
, but this time the main difference was a drastically different ending. Indeed, the major averages jumped out to huge gains, held most of it for a few hours before some sellers returned and narrowed the gains.
Fresh off of three major—and rather eye-opening—declines for the U.S. equity market, the U.S. equity averages were in rally mode for much of today’s session. However, the major indexes, which saw the Dow jump by as much as 442 points at the start of trading on a bit of relief regarding China (see below), were unable to hold the earlier gains to the closing bell and actually finished deep in the red.
It was another bloodbath today for equity investors
already reeling from a sizable two-day setback to end last week. With a sudden surge of nervousness among traders, often comes a spike in market volatility and such was clearly on display during today’s session. To wit, the Dow Jones Industrial Average
, which entered the new week in correction mode, was down nearly 1,100 points minutes into the session.
It was an unrelenting week of selling
on Wall Street
, with the bears
easily having their way during the five-day stretch
. The bears were emboldened by a number of issues both here and abroad, most notably elevated concerns
about slowing GDP growth in China
and its potential impact on the global economy. The slowing output in China is also weighing on the oil market, which currently has a problematic supply/demand imbalance. The rough stretch
for the energy sector
, which dates back to mid-2104, is another major concern for traders of both commodities and equities. These worries, along with the uncertainty
following the release of minutes from the latest FOMC meeting
, were too much for the bulls to handle.
The U.S. stock market
opened sharply lower
this morning, and the selling intensified
the afternoon. At the close of the session, the Dow Jones Industrial Average was down 358 points; the S&P 500 Index was off 44 points; and the NASDAQ was lower by 142 points. The vast majority of stocks lost ground, as losers easily outnumbered winners on the NYSE. All of the major equity groups ended in negative territory, with considerable losses in the technology and consumer cyclical names. While still lower, the high-yielding utility issues displayed some relative strength.
It was a wild day of trading on Wall Street today
. The major U.S. equity indexes started the session to the downside, as worries about slowing growth in China spooked investors. The selling then began to intensify through the morning hours—the Dow Jones Industrial Average was down nearly 230 points at its intra-day nadir—with the commodities sectors responsible for the lion’s share of the selloff.