Posted on 10/11/2018 11:57:57 AM PDT by BradtotheBone
Stocks fell in volatile trading Thursday, a day after the major indexes suffered steep losses sparked by higher rates and a sell-off in tech shares.
The Dow Jones Industrial Average traded 650 points lower, bringing its two-day losses to more than 1,400 points. The S&P 500 dropped 2.1 percent and was on pace for a six-day losing streak. The broad index also broke below its 200-day moving average for the first time since May. The Nasdaq Composite pulled back 1.5 percent and entered correction territory.
The major indexes fell after some of the major tech names failed to recover from steep losses in the previous session. Netflix fell more than 1.5 percent after briefly trading higher. Apple also declined 0.8 percent, erasing earlier gains.
Tech shares fell more than 4.5 percent on Wednesday, marking their worst day since 2011. The sell-off led to the Dow sinking more than 800 points and the S&P 500 dropping more than 3 percent. It was also the 28th time since 2011 the S&P 500 posted a more than 2 percent decline, according to data from Birinyi Associates.
"It's a momentum correction, not a portfolio correction," said Joe Terranova, chief market strategist at Virtus Investment Partners. "While we have a bias to believe 2008 could happen again, I don't think this is the case."
"Less is more in this environment," Terranova added. "I think you need to be an observer of the guidance you get in earnings."
Stocks tried to rebound earlier in the day after the release of weaker-than-expected inflation data. The U.S. government said the consumer price index rose 0.1 percent in September, well below the expected gain of 0.2 percent.
(Excerpt) Read more at cnbc.com ...
Be a lot of good deals out there.
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I picked up some shares of a high quality stock that rarely sells at less than a premium valuation. I’ve been waiting for a moment like this for quite awhile.
Didn’t this happen 9 months ago..similar, first day was like a 1500 point drop, second day still a drop, than eventually went back to normal..its a common thing that is why I stay away from the Stock Market, some good days, some bad days, its just leveling things off
All of which was and are inevitable results of the Fed trying to reverse its monetary easing policies post-2008.
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The Fed has been a little too aggressive in their projections of rate hikes in my opinion. They seemed a bit too anxious to normalize rates. They should have been more measured in their comments.
Time to buy, maybe about Tuesday next week.
In 1929, the Dow Jones dropped from around 360 to 230, a drop of 130 points. But that was nearly a 40% drop.
The communists Democrats, who control the Feds, have crashed the market with rising interest rates. Getting ready for setting up the communists rioting Democrats for November. And they just might make it since the rats have found a way to swing votes.
As of 3:19 pm, the Dow was down 290, not 650 from opening. We will see what happens, but I bought X.
Precious metals are on the rise
Guns and Ammo ?
Would that little storm on the East coast have any effect on the market?
What a bunch of chickens you all are.
Wonder how many for the Fed board members shorted the market?
Wonder if Obumbles will still try to take credit...
Has CALPERS started reducing retirement payments?
Get ready for further drops before the election
“Precious metals are on the rise
Guns and Ammo ?”
My Ruger stock is the only gain for me so far today.
Probably..so I think this is a big overreaction, it will settle down might take a few days but it will happen
Will bringing the DOW down be the last "October Surprise" or is there more coming?
Now is the time to BUY!
Scared of A DEM Congress.
A lot of undisciplined investing out there... soon as a negative comment about the economy goes public, the lemmings run for the cliff.
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