Wall Street hammered, Dow down more than 300 points
The Dow Jones
Industrial Average ended Thursday down 1.87%, at 316.80 points in the
red. The drop wiped out all but a tiny fraction of the major average’s
gains for 2014, and put an end to a five-month winning streak for
stocks.
- 7 Truths Investors Simply Cannot Accept
- Thu, Jul 31, 2014, 4:33pm EDT - US Markets are closed
Wall Street hammered, Dow closes down more than 300 points
Stocks got slammed on Thursday, with the Dow Jones Industrial Average ending the day down 1.87%, at 317 points in the red. The drop wiped out all the benchmark average’s gains for 2014, and put an end to a five-month winning streak for stocks. This was the Dow's largest point drop of the year since February 3; percentage-wise, it's the worst plunge since April 10.
In the attached video, Yahoo Finance editor Phil Pearlman says those looking for answers are going to be disappointed. “Over the last 25 years, stocks have their worst month in August. This is the worst time of the year, and we’re getting a preview of that on the last day of July."
The selling was triggered by a variety of factors. To add to the long-standing laundry list of troubles in Ukraine and violence in the Middle East, Argentina failed to reach a deal with bondholders and defaulted late Wednesday. Argentina’s benchmark Mervel index dropped more than 6.5%. The employment cost index also posted its fastest rise since 2008, stoking fears of inflation and chatter of an earlier-than-expected Fed rate hike.Though the selling was intense, there was little evidence of the panic that typically marks the end of selloffs. After years of being rewarded for buying every dip, investors are conditioned to treat corrections as buying opportunities, though little buying was apparent as of the close.end quote from:Wall Street hammered, Dow down more than 300 points
IF you are just hearing about the Argentine Bond default now here are two articles from yesterday:
