Market Rally Officially On Hold

The Dow gave up 200.72 points or 2.35% the Nasdaq lost 61.28 points or 3.35% and the S&P was off 28.19 points or 3.06%. While major news sources are giving different excuses for the large sell off, stocks simply did not have the economic data or earnings news that would support trading at these high levels after several months of relatively positive market moves.

Todays losses were basically across the board and it was the worst percentage loss in two months. Financial services, energy and material stocks were among the hardest hit. In addition to profit taking the World Bank cut its forecasts for the largest economies. The only major sectors to finish the day in the green were defense and telecom. Tomorrow morning traders will be looking at the May existing home sales report.

Tweet this post

Follow Us