U.S. Stocks Skid Following Retail Data

This article from Wall Street Journal written by Caitlin McCabe and Will Horner

U.S. stocks slid Tuesday, retreating from a stretch of records as weaker-than-expected economic data and concerns about the Delta variant of the coronavirus weighed on investor optimism.

All three major U.S. indexes tumbled, with the S&P 500 and the Dow Jones Industrial Average both snapping five-day winning streaks. The S&P 500 fell by 31.63 points, or 0.7%, to end at 4448.08, its largest decline in nearly a month.

The Dow Jones Industrial Average lost 282.12 points, or 0.8%, to finish at 35343.28. The technology-heavy Nasdaq Composite dropped 137.58 points, or 0.9%, to 14656.18.

All of the indexes finished above their session lows. Earlier in the day, the Dow lost more than 500 points before all three indexes pared their losses.

Tuesday’s pullback marked a divergence from the recent performance of U.S. stocks, which have largely ground higher throughout August, thanks to a strong earnings season and thin trading volumes.

But on Tuesday, concerns about the spread of the Delta variant of Covid-19 sparked investor worries that it could crimp the economic rebound. Disappointing economic data released Tuesday exacerbated fears.

 

Go here to read the full article.

Source: https://www.wsj.com/articles/global-stock-markets-dow-update-08-17-2021-11629185661?mod=hp_lead_pos2

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