Dow Plunges Below 26,000 after Donald Trump Bashes Fed




 

By CCN.com: The Dow and broader U.S. stock market declined sharply Monday afternoon, as investors digested President Donald Trump's latest criticism of the 'gentleman who loves quantitative tightening,' a direct reference to Federal Reserve Chairman Jerome Powell.

Dow Plunges; S&P 500 and Nasdaq Follow

All of Wall Street's major indexes erased gains to trade firmly in the red by midday. As of 12:42 p.m. ET, Dow Jones Industrial Average plunged 322 points, or 1.2%, to 25,703.70.The blue-chip index rose triple digits after the open, reflecting a strong pre-market session for U.S. stock futures.

Twenty-eight of 30 index members reported losses. UnitedHealth Group Inc. (UNH) was the Dow's weakest link, falling 3.4%. Shares of Boeing Co (BA), McDonald's Corp (MCD) and Walgreens Boots Alliance Inc. (WBA) each fell more than 2%.

The broader S&P 500 index of large-cap stocks fell 1% to 2,775.18. All 11 primary sectors traded lower, with health care leading the declines. Health stocks were down 1.8% on average. Information technology also fell more than 1%.

The technology-focused Nasdaq Composite Index also reversed gains, falling 0.9% to 7,519.72.

A measure of expected volatility known as the CBOE VIX surged 23% to 16.68, where it was on track for the highest settlement since late January. The so-called "fear index" settled near five-month lows on Friday.

Read the full story on CCN.com.

COMMENTS

More Related News

Dominion Energy (D) Gains As Market Dips: What You Should Know
Dominion Energy (D) Gains As Market Dips: What You Should Know

In the latest trading session, Dominion Energy (D) closed at $76.66, marking a +0.78% move from the previous day.

Snap (SNAP) Dips More Than Broader Markets: What You Should Know
Snap (SNAP) Dips More Than Broader Markets: What You Should Know

Snap (SNAP) closed at $13.96 in the latest trading session, marking a -1.06% move from the prior day.

Devon Energy (DVN) Dips More Than Broader Markets: What You Should Know
Devon Energy (DVN) Dips More Than Broader Markets: What You Should Know

Devon Energy (DVN) closed at $25.77 in the latest trading session, marking a -1.34% move from the prior day.

T-Mobile (TMUS) Gains As Market Dips: What You Should Know
T-Mobile (TMUS) Gains As Market Dips: What You Should Know

T-Mobile (TMUS) closed the most recent trading day at $74.90, moving +0.6% from the previous trading session.

Rent-A-Center (RCII) Dips More Than Broader Markets: What You Should Know
Rent-A-Center (RCII) Dips More Than Broader Markets: What You Should Know

In the latest trading session, Rent-A-Center (RCII) closed at $25.89, marking a -0.23% move from the previous day.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.