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DOW enters correction territory after big reversal

Stocks got off to a nice start today.

With the major indices rallying into the open, it looked like we were going to see a nice bounce after last week’s losses.

The S&P was up 1.8% early on. But after the strong start, stocks traded sideways for most of the morning.


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Things started to turn south mid-day. But a what really sent stocks into a tailspin was a report from Bloomberg, saying that President Trump is preparing for tariffs on all remaining Chinese imports if talks between the President and Chinese president Xi Jinping don’t work out next month.

The S&P lost 89 points between 11:00am ET and 3:45pm ET. There was a rally in the last 15-minutes of the day, but the damage had already been done.

With today’s losses, the S&P has been a loser 15 out of the last 18 trading sessions! And the DOW briefly entered correction territory (a loss of 10%+ from its recent high).


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.7% loss. Down 17 points, the S&P ended at 2,641.
  • The DOW ended lower by 1.0%. Dropping 245 points, the DOW closed at 24,443.
  • The NASDAQ was down 1.6%. With a 117 point loss, the NASDAQ finished at 7,050.
  • Bitcoin finished lower by 2.1%. Down $135, Bitcoin ended at $6,260.

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Crude Oil (CL) finished a few ticks below the $67 barrel mark. Down 1.0%, CL finished at $66.89 a barrel.

News that IBM (IBM) is acquiring Red Hat (RHT) sent Red Hat soaring. The company jumped 45.4% while IBM finished the day with a 4.1% loss.

Tech stocks continue to get crushed. Today Facebook (FB) lost another 2.3%, Netflix (NFLX) lost 5.0%.

After today’s losses, the NASDAQ is up just 2.1% for the year. The NASDAQ has been leading the major indices with gains for most of the year…up 15.0% just a few months ago.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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