After opening down and moving lower in the early hours of trading, the S&P 500 seemed to stabilize in the early afternoon before selling resumed with abandon.
US stocks were just shaken from their slumber.
After 15 straight days without a 0.5% move — the longest such streak since 1969— the S&P 500 slipped 1.7% on Wednesday, its the biggest decline since September 9.
The decline came following a report that, back in February, President Donald Trump asked now-fired FBI director James Comey to drop an investigation into former national security adviser Michael Flynn.
The news triggered a global selloff, with Asian and European markets falling and the dollar also lower. After opening lower, selling in the US benchmark worsened as the day progressed.
Market anxiety was also reflected by the CBOE Volatility Index, or VIX, a barometer of investor nervousness. Until Wednesday, the so-called fear gauge was hovering close to its lowest level on record. Now it has spiked by as much as 37%, also the biggest intraday increase since September 9.
And now, the scoreboard, and a roundup of Business Insider's coverage of market moves:
- Dow: 20,607.13, -372.62, (-1.78%)
- S&P 500: 2,358.86, -41.81 (-1.74%)
- Nasdaq: 6,011.24, -158.63 (-2.57%)
- US 10-year yield: 2.22%, -0.11
- WTI crude: $48.98, 0.32, ( 0.66%)
1. Now we know what it takes for Wall Street to wake up to Trump risk.
2. The Trump trade got whacked.
3. There are 2 powerful forces that will now compete for supremacy in the stock market.
4. The US dollar has erased nearly all its post-election gains.
5. The price of gold is surging.
6. European stocks had a horrible day.
7. Republicans are forging ahead on tax cuts and healthcare amid the Trump bombshells.
After opening down and moving lower in the early hours of trading, the S&P 500 seemed to stabilize in the early afternoon before selling resumed with abandon. Read Full Story
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