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Wednesday, 21 November 2018

Dow plunges more than 500 points, erases gain for 2018

The Dow Jones Industrial Average and S&P 500 fell sharply on Tuesday and turned negative for the year as a decline in Target shares pressured retailers, while some of the most popular tech shares dropped again.

The 30-stock Dow dropped 551.80 points to 24,465.64 and the S&P 500 plunged 1.8 percent to close at 2,641.89. The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday. Meanwhile, the Nasdaq Composite also dropped 1.7 percent to 6,908.82 but managed to hang on to a slight gain for 2018. Tuesday's declines come after the Dow dropped 395 points on Monday.

Stocks hit their lows of the day after Doubleline Capital founder Jeffrey Gundlach said stocks are still too expensive, adding there has not been a "panic low" yet. The Dow was down nearly 650 points at its session low, while the S&P 500 and Nasdaq had both dropped more than 2 percent.

Target fell 10.5 percent after reporting weaker-than-expected earnings for the previous quarter. The company also posted lighter-than-forecast same-store sales, which is a key metric for retailers.

The decline sent the SPDR S&P Retail ETF (XRT) down 3.4 percent. Kohl's, L Brands and Macy's — which are also in the XRT — fell 9.2 percent, 17.7 percent and 3.4 percent, respectively. Retail's steep decline comes ahead of the holiday shopping season, a critical period of the year for these companies.

Read? Dow plunges more than 500 points, erases gain for 2018
Posted by Createwealth8888 at 07:39
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6 comments:

  1. Createwealth888821 November 2018 at 07:41:00 GMT+8

    For the first time, all five FAANG stocks are in bear markets.

    Apple Inc.’s stock AAPL, -4.78% made it unanimous Tuesday, as it tumbled 4.8% to the lowest close since May 3, helped there by a price target cut at Goldman Sachs. The stock closed 23.7% below its Oct. 3 record close of $232.07.

    ReplyDelete
  2. Createwealth888821 November 2018 at 07:52:00 GMT+8

    Bitcoin plunges as much as 16% to below $4,100, a new low for the year

    The digital currency hit its lowest point since September 2017, and it is now down roughly 30 percent for the week.

    Bitcoin had been trading in a relatively narrow range for most of October, around $6,400, as the rest of global markets sold off.

    "Markets around the world are fragile, and panic and sentiment are playing a disproportionate role right now," Fundstrat's Tom Lee says. "Does this mean bitcoin is broken? No. The use case is still there, but in the short term, panics are panics."

    ReplyDelete
  3. Createwealth888821 November 2018 at 07:53:00 GMT+8

    Anyone else still in single digit losses in Bitcoin at current price?

    ReplyDelete
  4. Spur21 November 2018 at 14:49:00 GMT+8

    I love such quick & scary drops .... helps to clear sentiments! :)

    And also good for a short scalp or Vix trade if don't mind staring at the screen for an hour or so. LOL!

    Good time to pick up some solid companies .... oh boy, looks like I may be adding a bit more QQQ tonight ... Thanksgiving gobbling on top of Halloween! :)

    ReplyDelete
  5. Createwealth888827 November 2018 at 08:19:00 GMT+8

    (Bloomberg) -- Bitcoin broke below $4,000 and extended its 2018 crash to within striking distance of the biggest cryptocurrency’s worst bear markets.

    The virtual currency conceived just over a decade ago slid as much as 17 percent to $3,523 on Monday, bringing its decline from last December’s record high of almost $20,000 to about 80 percent. All nine of its largest peers tracked in real time by Bloomberg fell, with drops ranging as high as 21 percent for Monero.

    This year’s collapse, which has ensnared rival coins like Ether and XRP, is entering the same league as Bitcoin’s 93 percent plunge in 2011 from its previous record high, and its 84 percent rout from 2013 to 2015, during the collapse of Tokyo-based crypto exchange Mt. Gox. In dollar terms, the damage has been even bigger this time around: Virtual currencies tracked by CoinMarketCap.com have lost more than $700 billion of value since the market peaked in January.

    “There’s an element of almost shock: there’s nothing to suggest the sell-off is over,” said Craig Erlam, senior market analyst at securities firm Oanda Corp. in London. “This was a market primarily driven by sentiment since last year, and it’s since been completely destroyed.”

    While bulls are betting that demand from institutional investors will stabilize prices, most big money managers have stayed on the sidelines amid concerns over exchange security, market manipulation and regulatory risk.

    The sell-off is “really testing the faith of a few key players,” said Ryan Rabaglia, Hong Kong-based head trader at OSL, a cryptocurrency dealing firm. “For this next push, we are going to need that institutional money to come in finally. To lend that support and help with growth.”

    Oanda’s Erlam is among strategists who say traders confidence was shattered after Bitcoin crashed through $6,000 earlier this month. The level had seemed to be a genuine support for the token all year and likely to have encouraged traders to put stop loss orders just below it.

    ReplyDelete
  6. Createwealth888827 November 2018 at 08:26:00 GMT+8

    Didn't read any local bloggers here average down Bitcoin at current "low". Any?

    ReplyDelete

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