Stocks were hammered today, with U.S. equities extending recent losses. A downbeat report on weekly jobless claims set a bearish tone ahead of the opening bell, pressuring the Dow Jones Industrial Average to a triple-digit drop right out of the gate. To make matters worse, the Conference Board noted an unexpected monthly drop in its index of leading economic indicators, which stoked fears about the health of the domestic economy. With traders already on edge amid ongoing turmoil in the euro zone, the day's questionable economic reports pushed the remaining bulls over the brink.
Meanwhile, the embattled euro reversed early losses to surge higher in afternoon trading, as rumors swirled that the European Central Bank (ECB) may be on the verge of intervening in currency markets.
By the close, the Dow Jones Industrial Average (DJIA – 10,068.01) was clinging to the 10,000 level for dear life, having swallowed a sell-off of 376.36 points, or 3.6%. All 30 of the Dow's blue-chip components closed lower, with Bank of America and Alcoa recording the steepest daily drops. As a result of today's decline, the Dow ended on the south side of its 200-day moving average for the first time since July 14, 2009.
The S&P 500 Index (SPX – 1,071.59) also extended its recent slide today, giving up 43.5 points, or 3.9%. What's more, the broad-market barometer finished beneath support at its own 200-day moving average for the first time in nearly a year.
By the close, the Dow Jones Industrial Average (DJIA – 10,068.01) was clinging to the 10,000 level for dear life, having swallowed a sell-off of 376.36 points, or 3.6%. All 30 of the Dow's blue-chip components closed lower, with Bank of America and Alcoa recording the steepest daily drops. As a result of today's decline, the Dow ended on the south side of its 200-day moving average for the first time since July 14, 2009.The S&P 500 Index (SPX – 1,071.59) also extended its recent slide today, giving up 43.5 points, or 3.9%. What's more, the broad-market barometer finished beneath support at its own 200-day moving average for the first time in nearly a year.
Finally, the Nasdaq Composite (COMP – 2,204.01) fared the worst of the major indexes, surrendering 94.4 points, or 4.1%, by the close. However, the tech-rich index found a foothold atop the round-number 2,200 level, which hasn't been breached on a daily closing basis since mid-February.
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