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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDow -600+ erases gains for the year - Trumps & GOP Lies Destroying Markets World Economy
Dow erases gains for the year, tumbles more than 600 points as stocks extend October swoon
Stocks plummeted on Wednesday as a sharp drop in tech shares and worries about corporate earnings added fuel to this months steep pullback.
The Dow Jones Industrial Average dropped 608.01 points at 24,583.42 and erased all of its gains for 2018. The S&P 500 dropped 3.1 percent to 2,656.10 and also turned negative for the year. The Nasdaq Composite fell 4.4 percent to 7,108.40 entering correction territory as Facebook, Amazon, Netflix and Alphabet all traded lower.
An increasingly murky macro picture is clouding the 2019 earnings outlook leaving investors to largely shrug off a solid start to the third quarter earnings season, said Alec Young, managing director of global markets research at FTSE Russell. While valuations have certainly come down in recent weeks, at 16 times forward earnings for the Russell 1000 index, they arent in the bargain basement by any means, especially if earnings growth slows more than expected next year.
Stocks have taken a beating this month. The Dow has dropped 7.1 percent in October, while the S&P 500 has pulled back 8.9 percent. The Nasdaq, meanwhile, has tumbled 11.7 percent.
https://www.cnbc.com/2018/10/24/dow-poised-for-triple-digit-losses-at-the-open-after-tuesdays-500-point-recovery.html
Yo_Mama_Been_Loggin
(107,906 posts)FloridaBlues
(4,007 posts)And it won't be long before it hits everyone with higher prices. I'm thinking of selling my house while I can get a good dollar for it. And than bank the money.
Wellstone ruled
(34,661 posts)These stocks are being hammered by the Tariffs and a Consumer lose of confidence. Watch for Stories to hit tomorrow and Friday after Market Close.