Wednesday, April 22, 2020

Another Rough Day on Wall Street

After a couple of weeks when the market looked stronger, U.S. stocks suffered significant drops yesterday. The S&P 500 Index sank 3.1 percent and is now 19.2 percent below its record closing level set February 19. This was its worst decline since it fell 4.4 percent on April 1.

The technology sector led the market lower, with the sector as a whole dropping 4.1 percent on the day. In the S&P as a whole, 470 of its 500 stocks declined. All but one of the Dow's 30 components ended the day down, with only Travelers holding steady on the day.

Surprisingly, the energy sector was not especially hard hit. It was down 1.7 percent on the day, but that was still the third-best performance among the S&P's 11 sectors.

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