Friday, August 18, 2017

The Dow Finally Stumbles

The Dow Jones industrial average, at long last, had a serious drop yesterday. The index fell by 1.2 percent, ending a 63-day streak of sessions without moves of 1 percent or more in either direction. That stretch was the longest since a 69-day streak in 1995.

All 30 Dow stocks also ended the day in the red. The Dow, which had just finished gaining 180 points over a four-day winning streak, had previously closed higher in 14 of the past 18 trading days.

The S&P 500 and Nasdaq both also dropped by more than 1 percent; the last time all three major benchmarks had finished down 1 percent or more was May 17. The Dow is now 1.7 percent off its closing record, with the S&P 500 and Nasdaq off 2.1 percent and 3.1 percent their respective closing highs.

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