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16 Oct 2014
Wall Street turns an awful day into a just bad day
FXStreet (San Francisco) - Such as nightmare as US stocks market collapsed on Wednesday amid concerns over global growth, bad US economic data and overall aversion, even panic, to take risks.
However, stocks managed to recover from ashes and major indexes finished the day with big losses, but only big, not awful black day declines at least. Oil extended collapsed to test 80.00, not seen since July 2012; Gold jumped to 1,250.
The Dow fell 173.45, a triple digit lost, yes... but it is far better than the 460-point collapsed reached when the index post intraday lows. S&P broke 61.8% retracement but the turn around was remarkable and it closed down just 17 points.
To top it, the Russell 200 erased losses at the end of the day.
As summary of today's sentiment, y tweeted earlier in the day: It took "262 days to create 9.4% gain for S&P 500 to an intraday high of 2,022.50 on September 19th. But it was just 26 days to erase the entire YTD gain."
The Dow Jones declined 173.45 points or 1.06% to finish the session at 16,141.74; the S&P 500 lost 15.21 pts or 0.81% to close at 1,862.49; while the Nasdaq Composite ended the ay at 4,215.32 after a 11.85 points, or 0.28%, drop.
However, stocks managed to recover from ashes and major indexes finished the day with big losses, but only big, not awful black day declines at least. Oil extended collapsed to test 80.00, not seen since July 2012; Gold jumped to 1,250.
The Dow fell 173.45, a triple digit lost, yes... but it is far better than the 460-point collapsed reached when the index post intraday lows. S&P broke 61.8% retracement but the turn around was remarkable and it closed down just 17 points.
To top it, the Russell 200 erased losses at the end of the day.
As summary of today's sentiment, y tweeted earlier in the day: It took "262 days to create 9.4% gain for S&P 500 to an intraday high of 2,022.50 on September 19th. But it was just 26 days to erase the entire YTD gain."
The Dow Jones declined 173.45 points or 1.06% to finish the session at 16,141.74; the S&P 500 lost 15.21 pts or 0.81% to close at 1,862.49; while the Nasdaq Composite ended the ay at 4,215.32 after a 11.85 points, or 0.28%, drop.