It’s getting ugly out there. According to the WSJ another round of weak earnings results combined with a deteriorating technical picture are pushing stock indexes to one of their worst declines of the year.
The Dow is down about 250 points, on pace for its
third-biggest one-day drop of the year. DuPont and 3M are leading the blue
chips lower after each company reported sour quarterly results.
Combine today’s fall with Friday’s 205-point decline, and
the market is quickly stringing together its first real pullback in since the
pre-QE3 days. The S&P 500 is down
1.7% and has fallen decisively through its 50-day moving average. The
tech-heavy Nasdaq Comp is off 1.4% and trading below 3000………...
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