pcloudy.png
Thursday July 9th, 2020 7:20AM

US stocks lose momentum a day after Dow's record gain

By The Associated Press
Related Articles
  Contact Editor

Stocks are down sharply Thursday, making the prior day's strong performance seem like an aberration, as Wall Street stumbles toward what could be its worst December since the Great Depression.

The Dow Jones Industrial Average slumped 400 points in late-afternoon trading after dropping as much as 611 points earlier.

Technology companies and health care stocks, big gainers on Wednesday when the market had its best day in 10 years, took some of the heaviest losses in Thursday's broad slide. Energy companies as well as internet and social media companies also fell sharply.

Volatility has been the norm this month. The market remains on track for its worst December since 1931, during the depths of the Depression, and could finish 2018 with its biggest losses in a decade. Even with Wednesday's big gains, the Dow, S&P 500 and Nasdaq are all down more than 11 percent for the month.

"The last two days are really demonstrable of what the market is struggling with," said Tom Martin, senior portfolio manager of Globalt Investments. "It's looking for a bottom. It's looking for a reason to gain a little more confidence. And it's also looking for opportunities to reposition and lessen risk."

The partial government shutdown that began over the weekend has weighed on the market. Investors have also been unnerved by the personnel turmoil inside the Trump administration, trade tensions with China, the slowing global economy and worries that corporate profits are going to slip sooner or later.

The S&P 500 index fell 47 points, or 1.9 percent, to 2,420 as of 3:05 p.m. Eastern Time. The Dow slid 402 points, or 1.8 percent, to 22,475. Both indexes rose about 5 percent Wednesday, when the Dow had its biggest-ever single-day point gain.

The tech-heavy Nasdaq lost 153 points, or 2.3 percent, to 6,401. The Russell 2000 index of smaller-company stocks gave up 33 points, or 2.5 percent, 1,296.

Technology companies, a big driver of the market's gains before things deteriorated in October, slumped Thursday. Advanced Micro Devices lost 6 percent to $16.83.

Perrigo gave up 5.8 percent to $38.35, one of the big decliners in the health care sector.

Retailers, which rallied Wednesday on data showing holiday retail sales growth hit a six-year high, helped pull the market lower Thursday. Amazon slid 4 percent to $1,412.48.

Bank stocks fell along with Treasury yields, which affect interest rates on mortgages and other loans. KeyCorp declined 3.7 percent to $14.16 as the yield on the 10-year Treasury fell to 2.74 percent from 2.79 percent late Wednesday.

A sharp decline in oil prices weighed on energy stocks. Noble Energy slid 4.8 percent to $18.16.

Benchmark U.S. crude dropped 3.5 percent to settle at $44.61 a barrel in New York. Brent crude, used to price international oils, lost 4.2 percent to $52.16 a barrel in London.

The dollar fell to 110.77 yen from 111.36 yen on Wednesday. The euro strengthened to $1.1446 from $1.1351.

Gold edged up 0.6 percent to $1,281.10 an ounce and silver gained 1.2 percent to $15.31 an ounce. Copper fell 1.2 percent to $2.67 a pound.

The slide in U.S. markets followed a sell-off in major indexes in Europe.

In European markets, where trading resumed after a Christmas holiday break, the German DAX slid 2.4 percent, while France's CAC 40 gave up 0.6 percent. Britain's FTSE 100 fell 1.5 percent.

In Asian markets, the Nikkei 225 index rebounded 3.9 percent, while South Korea's Kospi was little changed. The Hang Seng index fell 0.7 percent and Australia's S&P-ASX 200 jumped 1.9 percent. Stocks climbed in Taiwan and throughout Southeast Asia.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US stocks lose momentum a day after Dow's record gain
Stocks are down sharply, unable to build on the prior day's strong performance, as Wall Street's wild Christmas week rolls on
1:01PM ( 8 minutes ago )
Defying pundits, GOP share of Latino vote steady under Trump
Despite Trump's blasts at Latin American immigrants, GOP is holding onto a steady share of the Latino vote
12:48PM ( 22 minutes ago )
Saudi king orders Cabinet shakeup after Khashoggi's killing
Saudi Arabia's King Salman issues wide-ranging overhaul of top government posts, including naming a new foreign minister
12:37PM ( 32 minutes ago )
Associated Press (AP)
US stocks head sharply lower a day after Dow's record gain
Wall Street's wild Christmas week goes on, with the Dow Jones Industrial Average slumping nearly 300 points in morning trading a day after notching its biggest-ever point gain
11:52AM ( 1 hour ago )
Tunisian police, protesters clash again over unemployment
Protesters have clashed with police forces for a third consecutive night in several parts of Tunisia after a journalist set himself on fire to denounce the deep economic problems engulfing the North African nations
11:45AM ( 1 hour ago )
Las Vegas to welcome 2019 with superstars, fireworks show
Las Vegas will usher in 2019 with fireworks and performances by some of the biggest names in music, including Lady Gaga and Gwen Stefani
11:12AM ( 1 hour ago )
AP Business
Police, protesters clash again in Tunisia over unemployment
Protesters have clashed with police forces for a third consecutive night in several parts of Tunisia after a journalist set himself on fire to denounce the deep economic problems engulfing the North African nations
7:43AM ( 5 hours ago )
World shares mixed, Japan rallies on Wall Street rebound
An incredible day on Wall Street, where major indexes finished at least 5 percent higher, has lifted Japanese stocks but received a mixed reaction in Asia as some traders returned from a Christmas break
4:25AM ( 8 hours ago )
Japanese stocks rally, Asia mixed after Wall Street rebound
An incredible day on Wall Street, where major indexes finished at least 5 percent higher, has lifted Japanese stocks but received a mixed reaction in Asia as some traders returned from a Christmas break
1:47AM ( 11 hours ago )
AP Business - Economy
Markets roil, futures slump after Dow's record, one-day gain
One of the few constants in global markets this holiday week: extreme volatility
9:11AM ( 3 hours ago )
Markets seesaw; Dow slides 400 after record, one-day gain
One of the few constants in global markets this holiday week: extreme volatility
8:05AM ( 5 hours ago )
Asian stocks post gains following Wall Street's rebound
An incredible day on Wall Street, which saw major indexes finishing at least 5 percent higher, is spurring early gains in Asia as some traders returned from a Christmas break
9:58PM ( 15 hours ago )
AP Business - Financial Markets
Japan to resume commercial whaling, but not in Antarctic
Japan is leaving the International Whaling Commission to resume commercial hunts but it will no longer hunt the animals in the Antarctic
10:26AM ( 1 day ago )
Japan will resume commercial whaling, but not in Antarctic
Japan is leaving the International Whaling Commission to resume commercial hunts but it will no longer hunt the animals in the Antarctic
2:23AM ( 1 day ago )
Trump: 'I do' have confidence Treasury Secretary Mnuchin
President Donald Trump says he has confidence in Treasury Secretary Steven Mnuchin, calling him a "very talented guy" and "very smart person."
1:34PM ( 1 day ago )
AP Business - Industries
A decade-long rally on Wall Street looks like it's ending
The nearly 10-year stock market rally looks like it's fading after another day of big losses Friday left the U.S. market with its worst week in more than seven years
9:02PM ( 5 days ago )
Amid criticism, Romanian gov't taxes banks, energy companies
Romania's government has passed an emergency ordinance to levy extra taxes on banks and energy companies
4:33PM ( 5 days ago )
Austrian leader says tax could deter investment in Romania
Austrian Chancellor Sebastian Kurz has warned that Austrian companies could pull out of Romania after the government unveiled a surprise plan to levy extra taxes on banks and energy companies
3:56PM ( 5 days ago )
AP Business - Utilities
Defying pundits, GOP share of Latino vote steady under Trump
Despite Trump's blasts at Latin American immigrants, GOP is holding onto a steady share of the Latino vote
12:48PM ( 22 minutes ago )
Saudi king orders Cabinet shakeup after Khashoggi's killing
Saudi Arabia's King Salman issues wide-ranging overhaul of top government posts, including naming a new foreign minister
12:37PM ( 33 minutes ago )
Legal marijuana industry toasts year of global gains
The legal marijuana industry exploded in 2018, pushing its way further into the cultural and financial mainstream in the U.S. and beyond.
12:36PM ( 34 minutes ago )
The Latest: Kyler Murray still coughing, will play Saturday
Oklahoma quarterback Kyler Murray still coughing, has no doubt he will play Saturday vs Alabama
12:11PM ( 59 minutes ago )
Pluto explorer ushering in new year at more distant world
Pluto explorer will usher in the new year zipping past an even more distant world
12:09PM ( 1 hour ago )